Victorian Plumbing to float on London Stock Exchange

Based in Merseyside, Victorian Plumbing employs more than 400 people and enjoys annual sales of more than £200m and will float on the Alternative Investment Market this month. Tony McDonough reports

Victorian Plumbing
Laurence Llewelyn-Bowen in a Victorian Plumbing TV ad

 

National online bathroom retailer Victorian Plumbing is to float on the London Stock Exchange later this month.

Based in Formby in Merseyside, Victorian Plumbing reported sales of £207m in the 12 months to September 2020, 37% ahead of the previous year. The business also saw a surge in EBITDA (an alternative measure of margin), up 152% to £29m.

It also announced at the same time that it was recruiting another 80 people to its team, increasing headcount by 20%, and was investing in an additional 50,000 sq ft of warehouse space. During the year to September it dispatched more than 750,000 bathroom orders.

Now it is seeking entry to the Alternative Investment Market (AIM) on the stock Exchange. Founder and chief executive, Mark Radcliffe, 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.”

Mark-Radcliffe
Mark Radcliffe, founder and chief executive of Victorian Plumbing

 

Victorian Plumbing offers  24,000 products to consumers and trade customers and is now the UK’s leading online specialist bathroom brand by revenue in 2020 and the second largest retailer of bathroom products in the UK.

It had an estimated 14.2% of the bathroom market by revenue in 2020. Mr Radcliffe added: “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.

“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.”

The company’s admission to AIM is expected to take place on or around June 22. Global investment bank GCA Altium is acting as nominated advisor and financial advisor. Barclays Bank and Numis Securities are joint global coordinators.

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