Flooring design and manufacture group Victoria Plc has announced the acquisition of Dunlop Flooring for a sum of A$34m (£20m) from Pacific Brands Limited.
Funded from the company’s cash and existing debt facilities, Victoria has acquired the business and assets of Dunlop, further expanding the group’s presence in Australia where recent like-for-like sales in the last six months have grown by more than 9%.
The news has highlighted a spate of UK companies being acquired by overseas buyers so its good to see a UK company acquiring the business and assets of an Australian company, Dunlop Flooring.The UKTI has recently been on a drive to encourage more UK companies to export and one way to gain a foothold in a new territory is to acquire. It will need more manpower, financial resources and planning, but it should create a more diverse marketplace and international exposure.This is certainly one route for all companies to consider. Afterall, the saying goes ‘the world is your oyster’.