VCP Victoria Plc

RNS No 4224w
VICTORIA PLC
23rd December 1998

                          Victoria P.L.C.
              Proposed sale of Green Street property

Victoria  P.L.C. has today signed a conditional contract  for  the
sale  of  its freehold property in Green Street, Kidderminster  to
Morbaine Limited for #3 million in cash.

The property lies within the Kidderminster Ring Road and comprises
approximately 5 acres of factory and office buildings.  This  site
has  become  surplus  to  the requirements  of  the  business,  as
manufacturing operations have progressively been moved  to  modern
purpose  built  accommodation nearby.  The property  is  currently
held in the books of Victoria P.L.C. at a valuation of #750,000.

Due  to its size, the transaction will require the approval of the
shareholders of Victoria P.L.C. in General Meeting.  The  contract
of  sale  is  also  conditional,    inter  alia,  upon  acceptable
planning  permission being obtained for the proposed redevelopment
of the property and of the adjoining site which is being purchased
by Morbaine Limited at the same time.

A Circular containing full details of the transaction and a Notice
of  General  Meeting  will  be posted  to  shareholders  when  the
planning application has reached an appropriate stage.

It  is  envisaged  that  the conditions of the  contract  will  be
satisfied  in full and the transaction completed within  the  next
financial year.  A deposit of #25,000 will be paid on the  signing
of  the  contract with a further #150,000 deposit being paid  when
the   contract   becomes  unconditional.   The  balance   of   the
consideration will be paid on completion.

The  net  proceeds will initially be applied to reduce borrowings.
The  Board  is  currently reviewing all options  with  a  view  of
maximising  shareholder value and completing the consolidation  of
UK carpet manufacturing on to one site.

The  completion  of the transaction will result in  a  significant
reduction  in  gearing and the Directors believe it  will  enhance
earnings and assets per share.

Enquiries:

Alan Bullock, Group Managing Director
Mark Lee, Group Finance Director
Victoria P.L.C.                         Tel: 01562-823400


END

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