East Devon was badly hit when Axminster Carpets went into administration putting 300 jobs at risk.
The new owners have taken back half the original staff and believe the town is now more optimistic for the future.
The former Mayor of Axminster Cllr Andrew Moulding spoke to ITV News West Country:
More top news
After a weekend of heavy rain and high winds, the West Country has been told to brace for another bout of bad weather.
The Environment Agency has issued its highest flood warning for Portreath - saying that lives are at risk in the area.
A weekend of bad weather is due to hit the South West from today (6 February). The Met Office and Environment Agency have issued warnings.