Trio quit Victoria in pay row
Just four months after gaining board control at Victoria Carpets three directors have left after disagreement over profiting from selling the company. The company has also effectively put itself back up for sale.
Sir Bryan Nicholson, Alexander Anton and Geoff Wilding had put forward a proposal where they would receive a significant share of money going to shareholders. It has been reported that the trio's plan would have seen them receive half of any return to shareholders over £3 per share, as long as they did it within two years. Victoria's shares are currently £2.25, valuing it at £14.84m.
However the proposal from the non-executive directors – who are meant to be independent and operate as a check to executives – was rejected by the rest of the board, including Katherine Innes Ker who joined as chairman at the time of the trio's appointments.
'The resignation of the three non-executive directors enables the company to move forward with its strategy of maximising returns for all shareholders. We will continue developing the group's Australian and UK businesses through sales growth, margin enhancement and a shift towards a distribution based business from its historic manufacturing and supply model. Corporate activity will also be considered where there are opportunities to generate accelerated returns to shareholders,' she says.
Prior to the trio's appointment, the company had been seeking a buyer for the business as it sought to fend off the Anton-led consortium which gained control of the board at a general meeting on 6 March.