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Amtico uses equity market to refinance

FINANCE

FLOORING manufacturer Amtico has shunned a f loat and re-financed using the booming private equity market.

Venture capitalists Electra, which bought Coventry-based Amtico from furnishing outfit Courtaulds in 1995, has sold the business to the venture capital arm of Dutch bank ABN Amro.

Amtico chief executive Jonathan Duck said: 'The private equity market is very strong and tends to win out now over a f loatation.'

The management will remain but non-executive chairman Brian Allison - an Electra appointment - will be replaced by someone selected by ABN Amro.

Amtico made an £11 million profit on £86 million turnover in the year to March 2006, with 40 per cent of sales in the UK.