Business Growth Fund to take Victoria stake
The Business Growth Fund is to take a stake in Victoria, as the flooring group confirms it is continuing to look for further acquisitions.
Following the £44.5m share placing which Victoria is using to fund the purchase of Interfloor and increase its working capital, BGF will own 2.01% of Victoria’s shares – its first holding in the group. Last September BGF loaned Victoria £10m as it bought Abingdon.
Non-executive director Andrew Harrison will also increase his holding from 0.15% to 0.2%.
In its document to shareholders regarding the placing Victoria confirms that acquisitions remain a central part of its growth strategy. ‘Overall, we remain positive about the current financial year and there continues to be good opportunities to continue to grow earnings in the UK and abroad via further carefully scrutinised, high quality acquisitions and organically via a committed sales focus and operational synergies,’says Geoff Wilding, Victoria executive chairman.