Victorian Plumbing Shuts Down Rival Firm Three Months After Acquisition

UK: Victorian Plumbing is closing the rival retailer it acquired three months ago, putting a hundred jobs at risk. The bathroom specialist purchased competitor Victoria Plum in May for £22.5 million (US$ 29.16 million), describing the acquisition as an “exciting strategic milestone” for the business. Despite initially planning to continue the existing cost-cutting measures following Victoria Plum's collapse into administration last September, with intentions to keep both companies operating separately, Victorian Plumbing announced on August 15 that it would be shutting down Victoria Plum and has begun a consultation period for the affected staff.

Source: Victorian Plumbing