Insider Media Limited

Carpet manufacturer Victoria has put itself up for sale after feeling the heat from shareholders to maximise the company's value.

The Kidderminster company said that it had become apparent during shareholder discussions that "a number of shareholders" would like to explore a sale option.

It has appointed business advisory firm BDO to handle the sale process and deal with enquiries from potential buyers. Victoria has given a deadline of late February for interested buyers to put forward their offers.

In December last year, Victoria told the Stock Exchange that former company director Alexander Anton was planning to launch a hostile takeover bid for the company.

Anton was accused of leading a consortium which sought the replacement of all of the company's current independent non-executive directors and replacing them with its own preferred candidates.

"The board has been discussing its strategy for the business with a wide range of its shareholders," said Victoria.

"Whilst the board remains confident that it already has in place a strong commercial and transformational strategy, it has become apparent during shareholder discussions that a number of shareholders, whilst supportive of the board and its strategy, would like the board to explore the option of accelerating the realisation of shareholder value."

Further updates on the sale process would be given in due course, added the company.