The administration of Adam Carpets has been confirmed.
The High Court approved the appointment of Joph Young and Conrad Beighton of the Birmingham office of Leonard Curtis as joint-administrators.
Earlier Chris Adam, Adam Carpets md admitted the future of the company looked bleak.
‘Adam Carpets has seen a significant drop off in sales since the autumn of 2024 with sales levels deteriorating in some market segments up to one-third less than normal trading volumes,’ he says.
‘This deterioration has happened for a number of reasons, the most significant being adverse retail trading conditions in its customers retail stores across the UK since October 2024. This is due to the negative UK consumer response to the Government’s autumn budget led directly to a significant drop in retail footfall and consumer spending on more expensive floorcoverings.
‘With gas and electricity prices remaining high and an increasingly negative consumer spending outlook around house price stagnation and the upcoming increases in both National Insurance and National Minimum Wage, the company has reached the position where it no longer sees the opportunity to continue as a going concern.’
The company has lost money for the past two financial years. In the year to 31 March it saw a pre-tax loss of £356,412 compared with £316,484 the previous year as sales dropped from £6.63m to £5.84m. In 2022 sales had been above £8m.
