Bathroom retailer Victorian Plumbing reveals intention to float
Liverpool-headquartered Victorian Plumbing has announced plans to float on London Stock Exchange's AIM market.
The online retailer will launch its IPO on or around June 22nd, involving the appointment of two senior figures - former William Hill CEO Philip Bowcock as Chair, and Cineworld and THG board member Damian Sanders as Non-Executive Director.
Victorian Plumbing is the second-largest retailer of bathroom products in the UK, holding an estimated 14.2% of the bathroom market, and has seen rapid growth in recent years.
In the financial year ending September 30th 2020, the ecommerce leader hit a revenue of £208.7 million, with an EBITDA of £26.2 million. In the six months to March 31st 2021, it achieved a £140.7 million revenue, and a £20.1 million adjusted EBITDA.
The company said the move is hoped to strengthen its position in the B2C bathrooms market, help it expand into adjacent bathroom product lines, and eventually allow for expansion into selected European markets.
Mark Radcliffe, Founder and CEO of Victorian Plumbing, said: “Victorian Plumbing is the most recognised online bathroom brand in the UK; we work hard every day to make sure we are providing consumers with the largest choice of quality bathroom products. Our approach is industry leading, as evidenced by our substantial and growing market share.
“It’s been a fantastic and eventful journey growing Victorian Plumbing over the past two decades. Our early and sustained investment in digital retailing and the advantages that brings has allowed us to make the most of the structural shift in consumers increasingly looking to buy bathroom products online.
“I’m incredibly proud of all of our employees who have built this unique business and, in the process, have developed an incredibly strong, exciting and trusted brand together with a hard-working and innovative culture.
“As we are now the leading online retailer of bathroom products in the UK, it seems the ideal time to join the UK stock market. With the deep sector expertise and talent of our senior team members and the fundamental strengths of our proven business model within a growing market, we are excited for the significant growth opportunities that lie ahead for Victorian Plumbing.”