Interfloor bought for £65m

Haslingden underlay firm Interfloor Group has been purchased by carpet specialists Victoria plc for £65m.

The firm employs 300 people, with manufacturing and distribution sites in Haslingden and Dumfries. The company was formed in 2002 as the result of a merger between Tredaire and Duralay.

Chairman Geoff Wilding said: "We believe that Interfloor, as the market-leader, will be an excellent addition to the group, bringing the complementary established underlay brands of Tredaire and Duralay in alongside our growing portfolio of well-respected carpet and hard-flooring brands. In the UK, Interfloor and Victoria share many of the same customers and there will be significant opportunities to capitalise on this. "In line with our other recent acquisitions, the acquisition will be materially earnings enhancing and value creating for shareholders. Working in conjunction with the very experienced operational management team at Interfloor, we expect to be able to drive operational efficiency improvements in future years. In the board's view this is another high quality acquisition and we are pleased to welcome Interfloor to the group."