Victoria swoops in £16m bid for carpet rival
Carpet company Victoria is planning to buy another UK manufacturer for £16 million.
The Kidderminster-based manufacturer, supplier and distributor of design-led carpets and other floor coverings is set to buy Globesign and its wholly owned subsidiary Westex Carpets in Cleckheaton, Yorkshire.
No shares in the company are being issued in respect of the deal and there will be no changes to Victoria's board of directors.
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, maintaining the same level of high quality service for its customers.
"The board believes, as a result of the acquisition, the enlarged group will benefit from a strengthened senior management team, with a clear and focused strategy for further turnaround and growth.
Turnover for Globesign was a record £17.5 million in 2012-2013.
