Acquisition

Victoria PLC
03 October 2002



Issued by Citigate Dewe Rogerson Ltd, Birmingham

Date: Thursday, 3 October 2002

IMMEDIATE RELEASE

          Victoria adds new brand to the portfolio through acquisition


Victoria P.L.C ('Victoria' or the 'Group') has today extended its geographical
presence and strengthened its product portfolio through the acquisition of the
business and certain assets of Muster Carpets Limited and Munster Carpets
(Casdale) Limited ('Munster').


Based in Cork, Munster has been manufacturing carpets in Ireland since the early
1950's, and is recognised as a leading supplier of high quality contract
carpeting in the Irish market, specialising in the weaving of both plain and
patterned Wilton carpets. Munster has also developed a successful export
business supplying the UK contract market, particularly within the London
region.


Victoria is paying a consideration of £400,000 in cash of which, half is payable
on completion with the balance being paid on 31 December 2002. The acquisition
will be funded through the Group's own cash resources.


In the year ended 31 March 2002, Munster achieved audited sales of €5.5 m
(£3.5m) and pre-tax profits amounted to €159,000 (£101,000). Net assets at the
same date were €3,000 (£2,000).


Commenting on the acquisition, Alan Bullock, Group Managing Director, Victoria
said:


'Whilst we already have a good residential market in Ireland, the acquisition of
the Munster brand will significantly strengthen our presence in the contract
markets both in Ireland and within the UK. At the same time, it considerably
enhances the range of products that we can market and sell to each of our
customer bases.'


'To ensure that Munster's products continue to be manufactured to the highest
quality standards and efficiently, we will be transferring the plant from
Ireland to our UK operation in Kidderminster where operational synergies of a
vertical operation can be achieved'


Sean Kelly, Sales Director at Munster who, together with the contract sales team
will join the Group added:


'The Munster team are excited about the prospects of joining forces with
Victoria. With the backing and support of a well branded and respected publicly
quoted carpet manufacturer, we will be able to add new and innovative products
which will strengthen our own range whilst still providing our customers with
high standards of service, quality and flexibility.'


'Our brand is already highly regarded within the contract market. Through the
Dublin- based showroom both Munster and Victoria can look forward to being able
to further exploit their positions within residential and commercial markets
both in the UK and Ireland.'

Enquiries:
Alan Bullock, Group Managing Director
                                                      Fiona Tooley
Mark Lee, Group Finance Director
Victoria P.L.C                                        Citigate Dewe Rogerson
Office Tel: [phone]                              Tel: [phone]

Mobile : [phone]




I Euro 1 equivalent to 63.3 pence


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