Kidderminster carpet firm bosses hit out over loss of £3.5m
Bosses at famous carpet maker Victoria have hit out at previous management after it slumped to a £3.5 million loss.
The loss came as the 117-year-old Kidderminster firm, which employs 200 in Kidderminster, struggled in tough markets at home and in Australia, it revealed today.
The company's new leadership, in place following last year's battle for boardroom control, said today it was focused on cutting costs.
New chairman Geoff Wilding today placed much of the blame for Victoria's troubles on the previous leadership.
"The year 2013 was when the chickens came home to roost at Victoria," he said.
"Over recent years Victoria's financial results have been sustained by overseas profits generated in a buoyant Australian economy. However, with a decline in the Australian market from early 2012, the underlying issues – poor execution of key strategies, failure to address the main issues facing the company and a lack of focus on shareholder value by previous boards and management – were exposed in the financial results for the year ended 30 March 2013."
Last summer a consortium headed by Mr Wilding and former chairman Alexander Anton, seize control of the business.
He said Victoria expected the economic and market conditions to remain difficult but added: "On a more positive note, one of the key drivers of carpet sales is house sales resulting in new buyers redecorating and we are encouraged by reports that housing sales are increasing."
