Retailer DRL ‘eyeing £300m’ float
DRL, the Bolton-based white good retailer which trades as Appliances Online, is lining-up a Stock Market flotation.
According to The Sunday Times, DRL Holdings could list as early as this autumn with a valuation of around £300m mooted.
The newspaper speculates that chief executive and founder John Roberts, 39, who set up the business in 2000, and who owns around 20% of the business will have a paper fortune of £60m, if the deal goes ahead at such a value.
The fast-growing company, which has been boosted by the demise of high street rival Comet, offers high quality customer service has operates its own fleet of delivery vehicles.
DRL employs more than 800 people and results filed at Companies House showed sales growing by a third last year to £275.4m.
After heavy investment in people and infrastructure the previous year, DRL, whose investors include veteran North West businessman Bill Holroyd, made pre-tax profits of £8.1m in the year to March, compared to a £2.2m loss in the previous year.
DRL has not commented on the reports. The company takes its name from the initials of the surnames of its founders – John Dutton, John Robers and Alan Latchford.
While 75% of revenue comes via the appliancesonline website, the company also operates white label electrical goods websites for multiples such as B&Q, Next and Boots.
