Victoria completes Westex acquisition
CARPET manufacturer Victoria has completed the acquisition of Yorkshire-based floorcoverings firm Westex Carpets in a £12.5m deal.
The Kidderminster-based company was able to complete deal with support from Barclays and the shareholders of Globesign were advised by a team from Yorkshire law firm Gordons, led by head of corporate, James Fawcett.
Geoff Wilding, executive chairman of Victoria, said: “Westex is one of the finest carpet manufacturers in the UK and I am very pleased Victoria has been able to reach an agreement with the directors, all of whom will be staying with the business for a minimum period of five years.
“As a result there will not be any changes to the existing sales, production and administrative operations at Westex following the acquisition. Westex will continue to operate its own brands within the Victoria group.
“We were pleased with the positive response from Barclays that enables us to progress this transaction at speed.”
Nigel Bailey, relationship director at Barclays said: “Victoria has a very strong brand around the UK and are well known for the quality of carpets they produce. We have a long established relationship with the company and our understanding of the business and its markets, enabled us to move swiftly to support this acquisition which is important to the company’s UK growth strategy.”
