Yet Another Value Podcast Randy Baron's "Spicy" Victoria PLC Pitch
Jan 11, 2026
Randy Baron, a seasoned investor known for uncovering unique value opportunities, returns to discuss the troubled Victoria PLC. He dives into the company’s dramatic 95% stock decline and explores the implications of a fragmented UK flooring market. Randy highlights potential paths to recovery, including asset sales and strategic debt resolutions, and debates whether the downturn is cyclical or structural. With his insights on market misjudgments and upside potential, he offers a compelling case for equityholders.
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Company Overview And Opportunity
- Victoria PLC is a 130-year flooring manufacturer and distributor with global operations and many product lines.
- Randy Baron frames the company as imperfect but full of opportunity after heavy decline.
COVID Pull-Forward Then Sharp Reversal
- The stock soared around COVID as consumers pulled forward replacement demand then plunged 95% as volumes fell.
- Rising interest rates and lower consumer spending created a sharp cyclical revenue decline from the COVID spike.
Roll-Up Growth History
- Wilding led a roll-up since 2013, executing 22 acquisitions to scale Victoria.
- The roll-up strategy delivered top-line growth but relied heavily on external financing.