Aggressive roll-up M&A strategy? Check. Unfavourable reporting announcement? Check. Margin loan written against chief executive’s shares in the company? Check. Some questionable financial arithmetic? Check. Share price collapse? Check.
The recent history of UK flooring firm Victoria Carpets may bear some unfortunate similarity to that of South African furniture retailer Steinhoff at the end of last year – minus, of course, any suggestion of fraud.
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The firm, which suffered a 37% collapse in its share price from 604p on Friday, October 26, to 380p on Wednesday, October 31, shows how the legacy of loose credit tells a familiar story across corporates large and small.
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