Swindon firm snapped up (From The Wiltshire Gazette and Herald)

Swindon firm snapped up

A SWINDON floor covering firm has been bought up by giant Carpetright.

Mays Carpets, which also has stores in Cheltenham and Swindon, was purchased for £6.5m.

Shares in Carpetright rose nearly six per cent as analysts welcomed the tone of its results statement and news of the acquisition.

Chief executive and chairman Lord Harris said a 1.3 per cent fall in like-for-like sales last year had not left the firm with a glut of carpets that would have to be shifted at bargain prices. Stock levels stood at £30.9 million at the year end compared with £34.5m a year earlier.

Carpetright said it would continue to manage its costs by not replacing staff when they leave, better distribution and reducing the amount of stock that is lost or damaged.