Online retailer Victorian Plumbing lines up float

Victorian Plumbing

Online bathroom retailer Victorian Plumbing has announced its intention to float.

The group, which employs more than 400 staff and is based in Formby, is now the largest online retailer of plumbing items in the UK.

It has grown significantly in recent years with an estimated 14.2 per cent of the bathroom market by revenue in 2020.

Its website offers a wide range of over 24,000 products from 125 brands to B2C and B2B consumers.

The Liverpool-headquartered company has now outlined plans to admit its shares to AIM later this month.

GCA Altium has been appointed as nominated advisor and financial advisor.

Barclays and Numis Securities are joint global coordinators.

Revenues at Victorian Plumbing hit £208.7m and £26.2m adjusted EBITDA in the financial year ended 30 September 2020.

Growth trajectory has been maintained in current financial year, delivering results of £140.7m revenue, and £20.1m adjusted EBITDA for the six months to the end of 31 March 2021.

Mark Radcliffe, founder and CEO, 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.”