Victoria PLC announced the acquisition of Abingdon Flooring Limited and its wholly owned subsidiaries, Alliance Distribution Limited and Distinctive Flooring Limited (together Abingdon), for an initial cash consideration of £7.655 million. The Abingdon acquisition will be funded using facilities provided by Barclays Bank, and from its newly-signed fully-subordinated £10 million 2022 unsecured loan note facility provided by Business Growth Fund (BGF). Gavin Petken, BGF's Regional Director for The Midlands will join the Victoria board.

Gavin joined BGF in 2013 to develop the firm's local investment activities in the Midlands region for smaller entrepreneurial companies. He was previously a Managing Director with RBS where he worked for over 12 years, latterly as a senior member of the team in RBS' Non-Core division, managing the operational improvement and exit of a number of companies. Mr. Petken entered a letter of appointment with the company dated 30 September 2014.

The appointment is terminable by BGF on notice to the company or terminable by the company automatically in specified circumstances. There is no annual fee payable to Mr. Petken in respect of his services to the company. BGF will receive an annual fee commensurate with that paid to the company's NED's.