NEWS INDUSTRY UPDATE
Victoria PLC Acquires Quest Carpets
Victoria PLC, manufacturer, supplier and distributor of design-led carpets and floorcoverings, is pleased to announce the acquisition of Australian carpet producer Quest Carpets for approximately £16.5million.
Operating from facilities in Dandenong near Melbourne, and employing a workforce of more than 200, Quest designs, sells and distributes premium quality carpets across Australia and New Zealand.
All key senior management of Quest will remain with the business and it will continue to operate independently, whilst benefiting from the collaboration of an enlarged group, in its ongoing drive for profitable growth.
This is Victoria's fourth acquisition in the last 18 months following the acquirement of Westex, Abingdon Flooring, and the Whitestone Group. The group now operates from six manufacturing sites in the UK and three in Australia.
Geoff Wilding, Chairman of Victoria PLC, commented: "We are delighted Victoria PLC has been able to acquire Quest Carpets. It is an extremely well-run and growing business and it took some time to persuade the current owners to accept our offer. However Quest is highly complementary to our existing business in Australia and so, while we remained disciplined with our offer, I think the vendors would agree we were quite persistent in our pursuit.
“The acquisition will be immediately earnings enhancing for Victoria’s shareholders even before the significant benefits expected to flow from the increased scale of our operations in Australia.”
Stephen Sunderland, Chief Executive of Quest, said: "I and the other management remain completely committed to Quest. My fellow directors and I are immensely proud of what we have achieved since our founding in 1978 and believe the independence Victoria PLC gives its subsidiaries will ensure we maintain our unique culture while giving us the opportunity to grow and benefit from synergies as part of a larger group."
www.victoriaplc.com 08 | Autumn 2015 Tomorrow’s Retail Floors GoodWeave Applauds New Slavery Act
The Modern Day Slavery Act has just been given Royal Assent. From October 2015, this will mean that any British business with a turnover of more than £36million (globally) will have to report annually on their efforts to ensure that slave labour is not used in their supply chains. It is estimated this will mean around 12,000 British businesses will have to comply.
Nina Smith, Executive Director of GoodWeave, the organisation which works to end child labour in the rug industry and runs the GoodWeave rug labelling scheme, commented: “Supply chain transparency and responsibility are what GoodWeave is all about, particularly concerning child labour and trafficking. We applaud this important step taken by Parliament”.
The Act states that it is relevant to any organisation carrying on business in the UK, regardless of where it is incorporated. It covers offences relating to human trafficking and slavery and Part 6 specifically covers transparency in supply chains. Each qualifying company will have to make an annual statement to include such aspects as, its policies in relation to slavery and human trafficking and how effective it is in ensuring that slavery and human trafficking is not taking place in its business or supply chain.
Alternatively, the company can choose to state that it has not taken any action, and risk negative publicity.
GoodWeave runs the international GoodWeave certification label, which requires producers and exporters to ensure no child labour is used in the production of rugs. It operates in the major rug producing countries of India, Nepal and Afghanistan, where producers often sub- contract out production to small workshops and home-based workers. The GoodWeave certification involves unannounced random inspections of producers and their sub- contractors by local inspectors, to verify compliance. GoodWeave is also phasing in an Expanded Standard, which is designed to address issues such as fundamental human rights and environmental impacts in the rug industry.
www.goodweave.org.uk
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