Leicester online retailer reveals plans to float on AIM market
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Leicester-based online retailer Marks Electrical is set to launch an IPO to float on AIM.
Marks Electrical sells, delivers, installs and recycles a wide range of household electrical products. The Marks Electrical Group was founded in Leicester in 1987 by its chief executive Officer, Mark Smithson, and has expanded into a nationwide online retailer employing 145 people.
In the year to 31 March revenue grew to £56m, up 78% against the previous financial year, while EBITDA increased to £7.5m, at a 13.3% EBITDA margin. The company has made a strong start to its current financial year to 31 March 2022, with revenue growth of 78% in H1 FY2022, versus 47% growth in H1 FY2021.
Marks Electrical has hired former Nichols CEO, Marnie Millard, as non-executive chairman, as well as two other non-executives – ex Ernst & Young senior partner, David Wilkinson, and chief people officer of online clothing retailer N Brown, Alyson Fadil – who will all formally join upon listing.
The company says it hopes to float later this month.
Smithson said: “I am delighted to announce our intention to list on AIM. This is an important step in our growth journey as we continue to scale the business and deliver premium electrical items to the growing number of consumers buying electricals online. We see significant opportunities to continue to grow our market share, improve our brand awareness, and further build on our strong trading momentum.
“I am also looking forward to Marnie, David and Alyson joining the board. Their experience is already proving invaluable as we move forwards to our listing.”
Millard added: “Mark and his team have built a high-quality, innovative business over the past three decades and I am delighted to be joining the board as chair at this exciting time. As one of the first electrical retailers to move to selling goods online, Marks Electrical has deep market knowledge and understanding of its customers that has been key to its sustained growth. With a scalable platform, underpinned by proprietary technology, a simple distribution network and a vertically integrated delivery model, the business has many growth opportunities ahead and I look forward to working with Mark and the board.”