Victoria lines up acquisitions after £150m investment

Tue, 18 Jan 2022 | ECONOMIC NEWS

Kidderminster-based flooring company Victoria Plc has announced that it has received £150 million in equity funding, with the investment enabling the company to pursue its growth strategy through acquisition.

The financing was approved by shareholders of the listed AIM at a general meeting on January 13. Following the general meeting, Victoria Plc confirmed that it had received £150 million, before fees and expenses, from Koch Equity Development, the investment and acquisition subsidiary of Koch Industries.

Founded in 1895, Victoria Plc was first listed in 1963 and has been listed on AIM since 2013. Headquartered in the UK and with operations in Spain, Belgium, Italy, the Netherlands, the United States United States and Australia, the company designs, manufactures and distributes flooring products, including carpet, ceramic tile, luxury vinyl tile, floor underlays, artificial turf and accessories of ground.

The group is focused on increasing earnings, cash flow and shareholder value through organic growth and acquisitions. The company typically makes several UK and international acquisitions in the flooring business each year.

In a statement to the London Stock Exchange regarding the new funding, Victoria said: “Alongside the Group’s existing financial resources, this capital will be carefully deployed to support Victoria’s acquisition-led growth while maintaining the expressed leverage policy of long standing by the board of directors.”

In its annual report for the 53 weeks ending April 3, 2021, Victoria PLc reported revenue of £662.3m from continuing operations, up from £621.5m a year earlier. Group operating profit was £79.8m and profit before tax was £50.1m.

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