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Created By rotrader | Read the whole conversation
Some pretty damming stuff being quoted.,
65m for a boat and 6.5m a year to run it looks beyond the income of GW.
All very odd
tiger
Eric, appreciate your view, i think its clear they will continue to run the business regardless of whether they respond or not but i get the sentiment.
Personally i dont think it warrants a formal response via RNS, but i appreciate their speed and detail of their response to me as a PI. It was not a ‘everything is ok dont know what they are talking about’ response.
If i can share i will, if not if anyone is interested or have specific questions then email IR who will put you in contact with VCP
Pireric "Victoria need to give a proper response and rebuttal"..............to a couple of tweets that refer to historic information readily available in the public domain?? Get real.
Victoria needs to focus on getting the business back on track & countering this unprecendented short attack.
The response from the company is as follows, to confirm this was via a direct question from me:
Victoria acquired an underlay manufacturing business called Ezi Floor in October 2016 from Saqib Karim and family (his full name is Mohammed Saqib Karim but he calls himself Saqib). At the time it had revenue of c. £10m
Victoria acquired a carpet wholesale / distribution business called Hanover in February 2021 from Batash Karim and family. At the time if had revenue of c. £16m. Batash and Saqib are brothers (they started separate businesses in the same industry a number of years ago, albeit Ezi Floor and Hanover are clearly different in nature)
Both of the businesses are based in the same business park on the outskirts of Keighley, Yorkshire. They are distinct businesses with separate premises (one is a factory, the other is a warehouse), plus Hanover also has a warehouse site in Birmingham
Both of these deals were structured as “business and asset†acquisitions, whereby the purchaser doesn’t acquire the legal entity itself from its owner(s) but instead acquires the going concern business into its own legal entity (either one that it already has or a newly formed legal entity, it doesn’t really matter). There are different reasons why a seller or purchaser may want to structure a business transaction in this way or alternatively as a purchase of shares in the target entity. Most of our other past acquisitions were acquisitions of shares, but a few of them were also structured in this way (one is Australia, one in Spain). Both structures are common practice in M&A
When we acquired the business of Ezi Floor there was already a legal entity owned by Saqib called “Ezi Floor Limitedâ€, so as is normal in these circumstances we set up a new legal entity to be the purchaser (at the time it was called Victoria Newco Limited and was registered at Victoria’s head office address in Kidderminster), and sometime thereafter Saqib was contractually obliged to change the name of his legal entity (as we had purchased the brand name), which had become a non-trader as it no longer held the business. We then renamed Victoria Newco Limited to Ezi Floor Limited
When we acquired the business of Hanover, rather than set-up a newco as the purchaser we decided to use an existing legal entity that we had in the group for practical reasons (existing bank account and other company infrastructure). The legal entity chosen was “Carpet Line Direct Limitedâ€, which was a non-trader at the time. This entity had previously housed a carpet wholesale / distribution business trading under that name, which was part of the Whitestone Group that was acquired by Victoria in January 2015, but for administrative simplicity we decided back in 2017/18 to consolidate the Whitestone businesses into one of its legal entities (View Logistics Limited), which left a number of non-trading subsidiaries including this one
Once the acquisition of Hanover was completed, we changed the name of that entity to Hanover Flooring Limited. In order to protect the “Carpet Line Direct†tradename (given this is still a business operating from the View Logistics Limited entity), we decided to set up a completely separate newco with this name, which is again a non-trader (but doesn’t have the bank account and other infrastructure that existed in the old one, it is simply an empty shell company whose only value is the legal name)
To be clear, these entities are all subject to statutory external audit
Tweeted By ldrcvm | Retweet
Castlefordtiger referencing Geoff Wilding he has been pretty successful.
Before his time at Victoria, Geoff Wilding had numerous successes in his career executing roll-up strategies in different industries.
• Originally from New Zealand, Wilding began his business career in the 1980s at a New Zealand-based investment bank.
• Wilding later started his own transport business in NZ in 1990 and began rolling up the space. He later sold the business to
management-backed PE in 1996 and made 12-14x his initial investment of $1M.
• Shortly thereafter, Wilding invested in Commsoft, an existing tech services company that he helped grow. Unfortunately, the business collapsed after the .com bubble burst as some of their major clients such as Worldcom went out of business.
• Wilding’s next venture was in the Australian/New Zealand Newspaper & Magazine industry with Pacific Print in 2002. He began rolling up the industry, leveraging economies of scale. Wilding sold the business to PE in 2005 for $190M AUD, making a 20x return on his initial investment in <5 years1.
Wilding later moved to the UK in the late 2000s and bought 42% of Simplify, a legal process services business. The business was sold to PE in 20142, and Wilding again made multiples of his initial investment.
Source Alta Fox
cheers
I had conversations with the guy in the early days when we had a big holding.
Some of the stuff on twitter is well extraordinary
tiger
Cheers Mysteronz, kind of you to share
FYI "Iceberg Research" have published a negative piece today, easily findable on google.
Eric
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