A FAMILY-owned business has closed after 100 years in service, leaving 50 employees out of a job.
Adam Carpets bosses say the company was placed under “immense pressure” by economic conditions and was unable to stay afloat.
The brand has been manufacturing high-quality carpets in Kidderminster, Worcestershire, since 1928.
Despite its owners appointing administrators to the company on March 20, they were unable to salvage the business.
In a statement, the joint administrators said they were now focused on maximising value for the benefit of creditors, reports the BBC.
Managing Director Chris Adam said previously he and the rest of the team were incredibly sad about the appointment of administrators.
He said: “UK consumers simply do not have the confidence in their finances to buy enough of our high-quality wool-rich carpet to make our business viable right now.”
All 50 employees at the historic company have now been made redundant.
However, Adam Carpets has said it will “assist them to move forward with their plans for the future”.
The beloved store was famed for its “quality” products and “quick” service.
One happy customer wrote on Google Maps previously: “The quality of their products is frankly outstanding.
“Traditional, UK made from an area known for the best carpets in the world.”
Another added: “Excellent, well made carpet.
“And the fact it’s dyed, tufted and finished in Kidderminster makes it all the better.
“Quality always speaks for itself and the carpet products on sale from Adams certainly ‘tick all the boxes’!”
This comes as a gift shop that first opened in the 90s was forced to close after the economic conditions became “unsustainable”.
Huttons gift shop in London became a local icon after it opening in the Putney Exchange.
It is known for stocking stationary, candles, gifts, ceramics and clothing from around the world.
However, the shop has said that they were not able to survive in the current retail environment after October’s budget.
In her budget, Rachel Reeves announced that business relief rates would be lowered and employer’s national insurance contributions would be raised.
RETAIL PAIN IN 2025
The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than halfofcompanies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, withworse set to come in 2025.”
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
However, critics have argued that the budget worsened conditions for businesses.
Since businesses now have to pay out more per customer, there have been reports that many shops around the country are going bust.
Lancaster's Bakery in Harrogate closed after serving customers for 119 years.
The shop said that the “increases in employer costs” made their situation untenable.
The Bournemouth department store Beales also announced that it was unable to survive in the current financial climate.
Earlier this month, beloved family-run store Marcruss Outdoors suddenly shut down after nearly 60 years of operation.
Owners of the store in Hotwells, Bristol, blamed the “harsh economic climate” for their shock decision to shut the beloved shop.
They wrote on social media: “Unfortunately, the harsh economic climate has made it impossible for us to continue.
“Despite having weathered countless recessions and even the challenging lockdowns, the final blow has come in the form of the Clean Air Zone.”;
