Victoria PLC has been sounding out interest from new investors on a potential financing deal that would involve putting some assets out of reach of existing creditors, according to 9fin sources.

The carpet and tiles company is seeking to raise roughly £185m of new money through a drop-down deal, in which it would move certain UK flooring assets with around £25m of EBITDA to an unrestricted subsidiary, sources said. Often referred to as “pulling a J. Crew” in the credit world, this liability management technique exploits capacity in the companies’ credit documents to transfer assets out the restricted boxes that provide credit support to existing lenders.