@L1Woodturners
@woodlathetechs
If you hadn’t heard, the wood turning community has been shaken in the last two weeks by the unexpected and surprising news that Axminster, probably the UK’s largest and best-regarded supplier of wood turning equipment and tools, has gone into administration.
Most turners have bought something from Axminster or used lathes sold by them. Indeed the new lathe purchased recently by SLMS after a successful crowd funding with Makerspace support was, I believe, an ex-demo model from an Axminster showroom purchased from the company directly. Maybe the good deal negotiated was due to the company’s situation, we will never know, but it seems Axminster plan to close all their showrooms except their headquarters, including the Cardiff one where our new lathe was demonstrated. This does raise the question of whether warranty claims would be honoured, but the statement below by Axminster seems to promise they will.
Rumours have been flying in the wood turning community about the reason for the insolvency. Apparently accounts show large sums owed to creditors, but that may be normal I don’t know. Some sources state there has been a schism in the owners’ family about the management of the company and it’s future direction. Axminster’s own Facebook post seems to bear this out:
“We wanted to share the news that Axminster Tool Centre Ltd has undergone a restructuring, separating our Retail and Manufacturing operations into two independent companies.
The retail side has been acquired by Newhow Limited, led by members of our existing management team. This change helps secure the long-term future of Axminster Tools and ensures continuity for our valued customers, suppliers, and partners.
By focusing on our online presence and flagship store in Axminster, Devon, we’re building on our greatest strengths; trusted products, advice, and a commitment to quality.
What this means for you…
Gift cards will still be honoured, if you have a gift card with us you can still spend it subject to usual expiry dates.
Back orders will be sent as usual; you’ll see our stock levels improving over the coming weeks.
Warranties remain valid, and you can expect the same trusted advice and support, both before and after your purchase.
New products; we’re introducing some exciting new products that we know you’ll love.
Our people have always been at the heart of Axminster Tools, and throughout this process our priority has been supporting our staff and working to keep our team together wherever possible. That’s why it has taken us a little longer to share this update. We remain a family business, proud of our 53 years of trading and the strong relationships we’ve built with our customers, suppliers, and the woodworking community.
Thank you for your continued support and understanding as we move forward together.”
Administrators have been appointed; a member of my club is familiar with the administrators and respects them. We shall have to wait and see what happens.