Acquisition

Victoria PLC
23 July 2003





Issued by Citigate Dewe Rogerson, Birmingham on behalf of Victoria P.L.C.

Date: Wednesday 23 July 2003                                   Immediate Release


                                Victoria P.L.C.

        Victoria strengthens its position in Ireland through acquisition


Victoria P.L.C ('Victoria') announces that it has today entered into an
agreement with the provisional liquidator of Navan Carpets Limited ('Navan
Carpets') to purchase assets including certain brand names, inventory, plant and
machinery ('the Acquisition').


Navan Carpets, based in Navan, County Meath, Ireland, is one of the most
respected and long established manufacturers and distributors of leading carpet
brands in the Irish residential and contract markets. The Navan brand has been
synonymous with quality carpeting since its inception in 1938. Within the
residential market, the Navan brand is pre-eminent in most retail carpet
showrooms with its product brands, Clare, Crown and Yougal having extremely high
customer awareness. Navan's reputation for the supply of high quality contract
carpeting is also highly renowned both with Ireland and the USA. In addition,
Navan is a significant supplier to the hotel sector to such groups as Four
Seasons and Jurys.


The consideration for the Acquisition is £1.605 million (Euro 2.263 million),
subject to adjustment following stocktaking after completion. Of this, £355,000
(Euro 500,000) has been paid as a deposit, with £826,000 (Euro £1.165 million)
being paid on completion, and the remainder payable shortly after completion.
This Acquisition is being financed by Victoria from additional banking
facilities.


The purchase of the Acquisition is conditional upon either the approval of the
Irish High Court within the next 24 hours, or the approval of a voluntary
liquidator appointed by the members or creditors of Navan Carpets Limited at a
meeting convened to be held on 24 July 2003.


The Navan Carpet range of products will be managed and serviced in Ireland and
will form a division of Munster Carpets Limited, which became part of the
Victoria Group in October 2002. A number of Navan Carpet's sales related former
employees are to be recruited by Victoria.


The plant being acquired under the terms of the Acquisition will be transferred
to Victoria's manufacturing operations in Kidderminster, England which will
immediately fully utilise the Group's Axminster facility where there is capacity
to service both the business of Victoria and Navan whilst at the same time
ensuring that the Axminster ranges continue to be manufactured to the highest
standards of quality and efficiency.


The Directors believe that the Acquisition will make a positive contribution to
Victoria P.L.C.'s pre-tax profits in the financial year ending 3 April 2004.


Bob Gilbert, Chairman, Victoria said:

'I am delighted that Victoria has been able to add the Navan brand to that of
the Munster brand which strengthens our presence within this important
territory. With Navans' strength in retail and Munsters' in contract, Victoria
will now be undoubtedly one of the most significant players in the Irish
market.'


'We also remain fully committed to growing both the Navan and Munster brands in
Ireland and overseas as well as increasing the number of people we employ in the
region.'


(Note: Currency translated at Euro 1.41=£1)


Enquiries:
Bob Gilbert, Chairman
Alan Bullock, Group Managing Director
Mark Lee, Group Finance Director                    Fiona Tooley/Katie Dale
Victoria P.L.C.                                     Citigate Dewe Rogerson
Tel: [phone]                                   Tel: [phone]
Mobile: [phone] (AB)  07887 753206 (ML)        Mobile: [phone]
www.victoria.plc.uk







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