Victoria closer to a new era

Following the general meeting yesterday carpet maker Victoria moved a step closer to a change in control when four new non-executives were appointed to the board.
By The Newsroom
Published 7th Mar 2012, 06:00 BST

On Monday, independent non-executive directors chairman Nikki Beckett and senior independent director Peter Jensen resigned.

Victoria said that, with 67 per cent of proxy votes cast at yesterday’s general meeting, Katherine Innes Ker, Alexander Anton, Geoff Wilding and Sir Bryan Nicholson were appointed to the board.

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Ms Innes Ker has been appointed chairman and also chairman of the company’s remuneration and nominations committees. Sir Bryan has been appointed chairman of the audit committee.

The consortium attempting to take control of Victoria’s board has said its proposed changes will help realise the carpet manufacturer’s “enormous potential”.

The consortium is supported by New Fortress Finance, who with Victoria’s former chairman Alexander Anton, called the general meeting. The consortium claims the previous board had “failed to create meaningful value” and the replacements would bring “fresh impetus”.

The new board plans to grow the business both in the UK and Australia, tapping new markets in flooring. It also plans to sell non-core assets.

The consortium has previously said it has no plans to close down the UK business.

Kidderminster-based Victoria spins yarn at its mill in Holmfirth, West Yorkshire.

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