Victoria
VCP · AIM · Consumer Products and Services · mcap £50m · 38.8p 5 open situations →
Open · 5
Refinancing of 2028 senior secured notes
Led to 4 directors buying – £223k in 6 buys, closed 12 May 2026Includes Cash initiatives and property sales – About £26m of £70m FY27 target completed
The 2028 notes were left unresolved after the Dec 2025 refinancing. Victoria signed a support agreement on 8 July 2026 to cut senior secured and preferred liabilities by about £300m and finance costs by about £34m, extending maturities. Over 90% of noteholders have acceded, so implementation is by consent solicitation. On 17 Sep 2026 the circular was posted, with the general meeting on 5 Oct and expected completion on 10 Dec 2026.
- Implementation route
- Consent solicitation; completion still subject to conditions 24 Jul 2026 ↗
- Board view
- Executive Chairman Geoff Wilding: overwhelming support secures a route to implementation; completion as soon as possible 21 Jul 2026 ↗
- Liability reduction
- At least £300m of senior secured debt and preferred liabilities; finance costs cut by about £34m a year 17 Sep 2026 ↗
- Maturity
- 2028 debt maturities extended to 2031 24 Jul 2026 ↗
- Net debt/EBITDA
- 11.5x at 28 March 2026, up from 7.9x 24 Jul 2026 ↗
- Timetable
- General Meeting 5 Oct; Directions Hearing 12 Oct; consent solicitation launch 30 Oct; Confirmation Hearing 1 Dec 2026 17 Sep 2026 ↗
- 17 Sep 2026 Circular posted; general meeting called for 5 October
- 24 Jul 2026 Over 90% noteholder support; consent solicitation route
- 21 Jul 2026 Over 75% noteholder support; scheme route secured
- 8 Jul 2026 Binding support agreement signed; completion pending
Cash initiatives and property sales
Part of Refinancing of 2028 senior secured notes – Circular posted; general meeting called for 5 OctoberIncludes Return of capital – proposed, closed 7 Apr 2026
Cash initiatives and the Belgian distribution centre sale and leaseback were agreed in Feb-Apr 2026. The FY26 results on 24 Jul 2026 added a target of about £70m net proceeds from property sales, intended for deleveraging. On 17 Sep 2026 the company said the £70m is now targeted in FY27, with about £26m completed and negotiations advanced on other properties.
- Net proceeds
- About £70m expected from property assets identified for sale 24 Jul 2026 ↗
- Timing
- Balance of FY2027 and FY2028 24 Jul 2026 ↗
- Use of money
- Deleveraging is a Board priority 24 Jul 2026 ↗
- Target
- £70m net proceeds targeted in FY27 17 Sep 2026 ↗
- Completed
- Approximately £26m already completed (17 Sep 2026) 17 Sep 2026 ↗
- Next milestone
- Negotiations advanced on other properties; updates as appropriate 17 Sep 2026 ↗
Next: updates on advanced property sale negotiations
- 17 Sep 2026 About £26m of £70m FY27 target completed
- 24 Jul 2026 About £70m net proceeds targeted
- 7 Apr 2026 Binding agreement signed; completion pending
- 23 Feb 2026 First property sales progressing
1 director buying
- 3 Aug 2026 Geoffr ey Wilding £70k
- 27 Jul 2026 Geoffr ey Wilding £101k
Group CEO transition, divisional structure
Philippe Hamers' intention to retire in 2026 was announced on 1 October 2025. On 1 June 2026 the company confirmed he leaves as Group CEO on 30 June, with no replacement. Divisions will be run by their own chiefs. The Board says this sharpens execution on self-help, cash generation and deleveraging.
- Departing CEO
- Philippe Hamers steps down as Group Chief Executive on 30 June 2026
- Successor
- None named; divisions led directly by divisional management teams
- Rugs and North America
- Roberto Moreno, COO, continues to head both divisions
- UK Flooring
- Steve Byrne, Chief Executive, rejoined the Group in April 2026
- Ceramics
- Francisco Carvajal, Chief Executive, promoted in February 2026
- Hamers' future role
- Director of the Australian business and chairman of UK Flooring
- 1 Jun 2026 Departure date confirmed; no successor named
Self-help cost savings programme
Next: quantify further EBITDA improvements in the budget process
- 23 Feb 2026 Disclosed initiatives on track; more identified
- 17 Dec 2025 Transfer underway; 168 of 496 exits done
- 6 Nov 2025 FY26 £20m savings done; FY27-28 initiatives on track
Closed · 3
Company filings. Not investment advice.