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:
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A memorial will be built commemorating those who have lost their lives in the River Avon - it will have 18 steps leading up from the river.
Chilly start, cloud will thicken through the day.
A cold day, cloud thickens this afternoon.