Victoria PLC – Appointment of Non-Executive Director

The Board of Victoria PLC (LSE: VCP), the international designers, manufacturers and distributors of innovative floorcoverings, is pleased to announce the appointment of Mr. Zachary Sternberg to the Board as Non-Executive Director of Victoria PLC, with immediate effect.

Mr Sternberg is the co-founder of The Spruce House Partnership, a private investment partnership based in New York with $3 billion of assets under management, which seeks to invest alongside and support management teams that are focussed on growing the per share value of their companies over the very long-term.  Spruce House has a 14.8% shareholding in Victoria PLC.

Geoff Wilding, Executive Chairman of Victoria PLC, said:

“Spruce House has one of the best long-term investment records I know of and I am delighted to welcome Zach to the Board of Victoria.  He brings his extensive knowledge of capital markets as well as his perspective as a material shareholder and he strongly supports the Group’s strategy, which is designed to maximise the per share value of Victoria over the long term through both organic and acquisitive growth.”

Mr Sternberg commented:

“Under the leadership of Geoff and the Executive team, Victoria has built on its over 100-year legacy to become one of the largest and fastest growing flooring businesses in Europe.  Geoff’s record of growing cash flow per share over 40% annually since becoming Chairman is truly remarkable.  Spruce House looks forward to continuing to support Victoria over the long-term as it takes advantage of the extraordinary opportunity to grow its existing operations and acquire companies across Europe’s very fragmented flooring industry.”