Former Poundland boss heads to Ultimate Products
CONSUMER goods company Ultimate Products has appointed Jim McCarthy, former chief executive of Poundland, as its chairman.
Ultimate Products, which sells home goods products under brands such as Beldray, intempo, Salter and Constellation to over 300 retailers across 38 countries, was founded by chief executive Simon Showman in Manchester in 1997.
The business has grown from its origins as a sourcing company for retailers into a brands house employing 185 people in the UK and China.
Simon Showman, Ultimate Products’ co-founder and chief executive, said: “I’m delighted Jim is joining us for the next chapter in our growth. He brings a wealth of retail knowledge and experience gleaned over many years working at the very top of some of our key customers.”
McCarthy said: “I have known about Ultimate Products for several years, during which time it was a supplier to Poundland. Simon is a highly creative, highly driven entrepreneur and has the added benefit of being extremely personable.
“Ultimate Products has a terrific track record of growth which has been achieved by building an impressive range of brands, delivering amazing value for money to customers, whenever, wherever and however they want to shop.”
The company has also announced revenue of £33m for the three months to 31 October, up 49% on last year. The company also reported a 55% year-on-year increase in profit before tax to £3.4m. Turnover for the full year to the end of July 2016 stood at £79m.
In March, Ultimate Products appointed City advisers Shore Capital to look into selling the business or listing it on the stock market. Then, plans were stalled ahead of the EU referendum but a storming financial year has seen the company’s value rocket from the £60m quoted in the first quarter to around £100m.
Ultimate Products is owed by its management team after they bought out private equity backer LDC in 2014.
