THE man behind a management buy-out of a collapsed carpet firm has hailed it as ‘the best outcome possible’.

John Wright will head up Renewal Carpet Tiles Ltd after it bought the stock and assets of Dutton Carpets, of Stancliffe Street, Mill Hill, Blackburn, from administrators.

Mr Wright, the former managing director of carpet maker Dutton, has also run Renewal Carpet Tiles from the same premises for several years.

Dutton was in administration for just a week before Mr Wright and other former senior managers tabled a winning bid, securing the future of 115 staff.

Mr Wright said the quick sale is good news for both staff and customers.

He said: “The firm will carry on the same work of Renewal Carpet Tiles and Dutton Carpets, and it will take over the order book of Dutton.

“The customers have given us great support in this and they will not notice any difference.

“We have obviously told staff the situation and they are delighted about it.

“You could not have a better outcome for staff, customers and the people of Mill Hill.

“Now we just want to get on with what we do best.”

Dutton Carpets, which was established in 1979 and had a turnover of around £5million, collapsed earlier this month after a winding-up petition was filed by HM Revenue and Customs.

Accounts showed it owed £585,000 in unpaid taxes and social security.

Mr Wright refused to comment but it is understood that the tax bill will now be wiped.

And the deal has been hailed by Blackburn MP Jack Straw, who offered support during the administration process.

He said: “I am very pleased. The firm is in a very competitive market but it is a major employer and important in the town.”