Victoria PLC (LSE: VCP), a Kidderminster, UK-based publicly listed manufacturer, supplier and distributor of design-led carpets and floorcoverings, received a £10m investment from Business Growth Fund.
In addition to the investment, Barclays continued to support the group through extension of its lending facilities. As part of the investment, Gavin Petken, Regional Director at BGF, joined Victoria’s Board.
The company intends to use the proceeds to make the £7.655m acquisition of Abingdon Flooring Limited, a UK carpet manufacturer.
Founded in 1895 and led by Executive Chairman, Geoff Wilding, Victoria designs, manufactures and distributes carpets and other floor coverings, targeting the mid to high-end market under a number of different brands.
It has manufacturing and retail operations in Australia, the business employs over 600 people. Its carpets are found in Buckingham Palace, Balmoral Castle, and several other Royal residences.
One of its largest customers is John Lewis.
Operating from facilities in South Wales, Kidderminster, and Yorkshire, and employing a workforce of 500 people, Abingdon manufactures and distributes mid-range carpets and hard flooring across the UK, producing in excess of nine million square metres of carpet per annum.
For the financial year ended 31 March 2014 Abingdon generated turnover of £75.1m.
Victoria had purchased Westex in December 2013.