Victoria Partners with Elite Carpets

London, England, Feb. 4--The Victoria P.L.C. announced the formation of a new business relationship in Canada, acquiring all of the shares it did not own in the Canadian company, Colin Campbell & Sons Limited. The transaction involved the purchase by Victoria of the 50% stake owned by the Campbell family. The net assets of Campbells in its most recent audited accounts were C$1.03 million (£0.41 million). On February 1, Victoria reached agreement with a new business partner, Elite Carpets of Toronto, Canada, when Elte purchased a 50% share in Campbells. Elite is a leading Canadian retailer of home furnishings, supplying carpets, rugs, furniture and other decorative household goods from its showrooms in Toronto. Campbells is a decorative supply house and distributor of broadloom carpets and floorcoverings, with its "Studio Line" showrooms in Vancouver and Victoria, British Columbia, and Calgary, Alberta. Alan Bullock, Victoria's group managing director, said, "I am delighted with the prospect of Elite's expertise in retailing being available to Campbells. The synergies offered by the partnership will allow the faster development of Campbells' business in the Eastern provinces of Canada." Ken Metrick, Elite's president added, "I am excited by the prospect of being able to offer national distribution of broadloom carpets and area rugs throughout Canada."

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