Consortium takes control of Victoria

THE consortium attempting to take over Kidderminster carpet maker Victoria has succeeded. Its leader, Alexander Anton, now sits on the firm’s board.

And following yesterday’s general meeting in Birmingham, the plc put out a statement saying that it had decided to abort the formal sales process.

It had little choice, given 67% of the proxy votes at the meeting were in favour of the consortium’s plans.

Four new board members were appointed at the meeting: Consortium leader Alexander Anton, Katherine Innes Ker, Geoff Wilding and Sir Bryan Nicholson.

The firm’s two existing independent non-executive directors – Nicki Bennett and Peter Jensen – resigned on Monday when it became clear that based on proxy votes ahead of the general meeting, the board would not be in a position to overturn the demands of the consortium headed by former Victoria director Anton and New Fortress Finance Holdings.

The consortium has been fighting to take over the firm and has urged shareholders to back its campaign to maximise value from the business.

Katherine Innes Ker – a non-executive director of Birmingham developer St Modwen – has been appointed chairman of the company and she has also been appointed chairman of the company’s remuneration and nominations committees. Sir Bryan Nicholson – a former president of the CBI – has been appointed chairman of the audit committee.