A London-listed company has paid €2 million for Navan Carpets' brands and remaining stocks. Following a High Court hearing in Dublin yesterday, it emerged that Victoria plc had agreed to buy the Navan assets for just over €2 million.

Provisional liquidator, Mr David Hughes of Ernst & Young agreed the deal at the weekend, but had to wait for court approval before it could go ahead.

Navan was wound up with the loss of 200 jobs on June 30th. The High Court appointed Mr Hughes as provisional liquidator on the same day. The court heard at the time that the company had orders and work in progress would take three weeks to complete.

Yesterday, following an application by Ms Gráinne Clohessy, for Mr Hughes, Mr Justice Kelly gave him the power to sell and dispose of the firm's assets.

The judge said that since the winding-up petition was presented by the firm, it had made a further application asking the court to dispense with the necessity of having to advertise the petition because it was anticipated there would be meetings today at which the firm would go into a creditors' voluntary winding-up. Mr Justice Kelly said this course was preferable from the point of view of maximising the benefit of the liquidation.

Victoria is listed on the London market. It manufactures and sells carpets and yarns. It had sales in the year to March 29th of £44 million (€62 million) and pre-tax profits of £3 million (€4.2 million). Earnings per share were 30p (42 cent).

Victoria will continue to produce Navan brands and service the firm's customers in this State. It is understood, however, that it does not intend to manufacture here. Navan's key remaining assets are its plant and machinery.