Victorian Plumbing to shutter Victoria Plum, 100 jobs at risk
The group acquired the competitor in May for £22.5m
Victorian Plumbing is set to close Victoria Plum, a rival firm it acquired only three months ago, in a move that puts around 100 jobs at risk.The group acquired the competitor in May for £22.5m. It acquired the entire issued share capital of AHK Designs Ltd, trading as Victoria Plum on a cash free, debt free basis.
At the time, it said the purchase price reflected the “significant strategic value” to the company of the Victoria Plum brand and its associated intellectual property. The company also expected that Victoria Plum would broadly break even in the second half of 2024.
However, the group confirmed that it would now close down Victoria Plum.
It also confirmed it has entered a consultation period with affected employees.
In a statement to Retail Sector, the company said: “Following the acquisition of AHK Designs Ltd, we are proposing a closure plan for VictoriaPlum.com.
“As a result we have entered into a consultation period with a number of VictoriaPlum.com colleagues and only when the period completes can we provide an update. We are committed to keeping all employees, suppliers and connected parties up to date as we progress with the consultation. This proposal does not impact Victorian Plumbing Ltd.”
