Carpetmaker Victoria confirms latest expansion rumours
WORCESTERSHIRE carpet manufacturer and retailer, Victoria has confirmed it is in talks with a potential new acquisition.
Directors at the Kidderminster firm said they were continuing discussions with the owner of Belgian group, Lano Carpets.
Responding to press speculation about the impending deal, the company said in a statement to the London Stock Exchange: “The board has previously stated that it is part of its growth strategy to make highly selective acquisitions and therefore it is frequently in discussions with a number of parties.
“The board can confirm that it is in preliminary discussions regarding the potential acquisition, however there is no guarantee that it will proceed.”
The board said the intention was that the acquisition would be financed from the company’s existing facilities.
It said a further announcement would be made in due course as appropriate.
The group has made a series of acquisitions in recent times, with the latest coming last September when it purchased the entire issued share capital and shareholder indebtedness of Interfloor Group from Milestone Capital, Hutton Collins Partners, and the group’s management in a £65m deal.
Interfloor, based in Haslingden, Lancashire, is a leading manufacturer of carpet underlay and related accessories, primarily through long established brands Treadaire and Duralay, and the Gripperrods and Stikatak accessory brands.
Victoria said at the time of its last interims in November that the performance of its acquisitions was helping to drive growth for the business.
The half-year results showed the group’s pre-tax profit had surged 129.2% over the six-month period.
Revenue also increased significantly – leaping forward by 164.5% on a year on year basis.
