Victoria puts itself on the market

The Midlands-based business, which spins yarn at its mill in Holmfirth, West Yorkshire, recently told shareholders a consortium led by its former chairman Alexander Anton planned to call for a meeting to replace the company’s independent non-executive directors with its own candidates.

Yesterday Victoria said it has appointed advisers BDO to conduct a formal sale process after some shareholders said they want it to consider fresh options.

The company said: “Whilst the board remains confident that it already has in place a strong commercial and transformational strategy which has not yet been fully unveiled to stakeholders due to commercial sensitivities, it has become apparent during shareholder discussions that a number of shareholders, whilst supportive of the board and its strategy, would like the board to explore the option of accelerating the realisation of shareholder value.”

The company will open its books to interested parties and wants a firm offer by the end of February.