Victorian Plumbing is shutting down Victoria Plum, the rival retailer it acquired just three months ago, placing around 100 jobs at risk. In May 2024, Victorian Plumbing purchased Victoria Plum for £22.5 million, calling it an 'exciting strategic milestone' for the company. The acquisition was initially intended to bolster Victorian Plumbing's market position and keep both brands operating separately.
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However, Victorian Plumbing announced yesterday, on August 15, that it would close Victoria Plum and enter a consultation period with affected employees.
Victoria Plum entered administration almost a year ago and was initially acquired in a pre-pack deal by AHK Designs, a subsidiary of the company behind Beds.co.uk and Cox & Cox.
Victorian Plumbing's acquisition followed six months later, with expectations that Victoria Plum would 'broadly break even in the second half of 2024'. The unexpected closure reflects ongoing challenges and strategic shifts within the company.
Source: www.retailgazette.co.uk