Victoria plc, one of the UK’s largest flooring manufacturing groups, has entered into a binding transaction support agreement with KED Victoria Holdings and Wood River Capital and holders representing approximately 2/3rds of its outstanding €166.6m (£141m) 3.75% senior secured notes due March 2028 (the “2028 SSNs”).
Geoff Wilding, Executive Chairman, said: “This refinancing transaction is a significant step forward for Victoria and, in particular, for ordinary shareholders. Together with the successful extension of our 2026 note maturities last year, it materially improves Victoria’s financial position and provides runway for our ongoing operational recovery.”
Trading since the start of the year has also been encouraging, the company says, with year-on-year like-for-like revenue growth. In particular, this has been driven by the execution of management’s performance initiatives and ongoing market share gains in the UK and Australia. Across the business, management reacted quickly to the disruption caused by the Iran conflict, executing targeted price rises to protect margins and effectively managing the supply chain to mitigate negative impacts.
FY26 EBITDA performance was broadly in line with guidance notwithstanding the Iran conflict, and Victoria will provide a fuller update when it publishes its FY26 financial results.
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