A UK-based carpet manufacturer has confirmed it is exploring options following a significant drop in sales. The decline has been attributed to multiple factors, including reduced footfall and the negative impact of the government's autumn budget on consumer spending.
Adam Carpets Ltd, based in Greenhill Works Industrial Estate, Kidderminster, stated that sales have fallen by up to one-third in some market segments since autumn 2024. Managing Director Chris Adam cited "adverse retail trading conditions" as a key reason, with declining consumer confidence affecting demand for higher-priced floor coverings.
The company highlighted ongoing challenges, including persistently high gas and electricity prices, house price stagnation, and upcoming increases in both National Insurance and the National Minimum Wage. These factors have contributed to a worsening consumer spending outlook.
With no viable path to continue operating as a going concern, the business is now 'exploring all available alternatives to maximise returns to creditors.'
Source: www.bigfurnituregroup.com