RNS Number:2285N
Victory Corporation PLC
07 July 2003



              Victory Corporation plc ("Victory" or "the Company")

           Results of an Open Offer and Extraordinary General Meeting




On 12 June 2003, the Board of Victory announced the terms of an Open Offer to
raise approximately #10.4 million (before expenses) to capitalise up to #10.13
million of the working capital loan currently owed by the Company to Virgin
Retail Holdings Limited. This is intended to strengthen the Company's balance
sheet position and support its working capital position as it pursues its
strategy of expansion

By Closing, 377,160 Offer Shares representing 36.56% of the number of Offer
Shares available for subscription by shareholders other than Virgin Retail
Holdings Limited had been applied for by Qualifying Shareholders. A further
5,759,952 Offer Shares have been taken up by Virgin Retail Investment Holdings
Ltd pursuant to its Underwriting Agreement. The result is that #10.4 million
(before expenses) has been raised for the Company.

Following a capital reconstruction under which every 100 Ordinary Shares of
0.05p each have been consolidated into one New Ordinary Share of 5p the Offer
Shares rank pari passu with the existing Ordinary Shares of the Company. At the
Extraordinary General Meeting held today the resolutions were passed to effect
the capital reconstruction and to authorise the Directors to allot relevant
securities under sections 80 and 95 of the Companies Act 1985 in connection with
the Open Offer. Application has been made for the Offer Shares and the New
Ordinary Shares to be admitted to trading on AIM and dealings are expected to
commence on 8 July 2003.

Today commenting on the fundraising, Chairman John Jackson said "We are pleased
that the fundraising has been successfully concluded. The improvement in our
balance sheet is important in order to underpin the Company's working capital
position as growth continues to be strong. Sales for the for the first three
months of the year through our direct channel have increased by 36% whilst
like-for-like sales in our 22 retail stores have increased by 11.7% compared
with the same period last year."


For further information please contact:

John Jackson, Chairman Victory Corporation plc 01243-622226

David Simonson or Claire Maciocia Merlin Financial 0207-6061244

Communications











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