Worcestershire | Archive | 2002 | October | 31
From the archive, first published Thursday 31st Oct 2002.
A CARPET company has boosted business after spending piles of cash buying up two firms on opposite sides of the globe.
Victoria Carpets, based in Worcester Road, Kidderminster, has splashed out more than £2.5 million on Australian company Pacific Textiles and Irish firm Munster Carpets.
Pacific Textiles spins carpet yarns and will now be run in conjunction with Victoria's existing Australian spinning operation. It will supply Victoria's Australian factory and the firm's existing customers.
Victoria has paid £2.14 million for the acquisition, with an adjustment for assets still to be valued expected to reach about £232,000.
Cork-based Munster is a leading supplier of high quality contract carpeting in the Irish market and successfully exports to the UK, particularly the London contract market.
Victoria is paying £400,000 for the firm and plans to transfer the plant from Ireland to its Kidderminster base.
Group managing director Alan Bullock predicted the moves would help the firm to grow and further exploit the UK and Ireland's residential and commercial markets.
© Newsquest Media Group 2008