Axminster Carpets has secured a £3.4m funding arrangement from Independent Growth Finance (IGF).

The asset-based lending facility includes funding against receivables, inventory as well as plant and equipment.

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Devon-based Axminster Carpets was founded in 1775. They are renowned for the Axminster weave style of carpet, and are considered one of the early innovators of mass-produced carpets worldwide. The company continues to weave luxury carpets in Devon with designs on floors of the Royal Household, stately homes and luxury hotels.

The fund from IGF is intended to help Axminster stay relevant in an evolving retail environment. This includes investment in merchandising, new products and a focus on profitable export markets.

Jonathan Young, managing director of Axminster Carpets, said: “IGF lived up to its promises. This deal is based on a strong understanding of our business and the IGF team assisted in getting the deal done quickly. The team recognised the partnership went past the deal itself and expressed genuine interest in our business, providing an extra level support.”

Axminster also is the sole supplier to the Wetherspoon’s pub chain in the UK.

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Paul Edmeades, ABL director at IGF, said: “We are delighted to support the team at Axminster as they continue on their growth path. This company has a long British heritage but also has a renowned global reputation. We are proud to be backing one of Britain’s oldest, best known and most prestigious carpet designer and manufacturers.”

Last month IGF announced it had increased its lending to UK-based SMEs by 76% in the year to June 2018.

IGF will also be relocating its head office to Redhill in a bid to ‘support current and future business growth’, in a statement released by the company.