Plumbworld feeling flush as it heads towards £100m turnover target
Evesham-based Plumbworld, the UK’s second largest online plumbing retailer, has enjoyed 30% growth according to its latest published accounts, continuing its success after a management buy-out from Grafton Group in 2018.
Statutory accounts for year ended December 31, 2020 show profit up 171% in the two years since the buyout from £1.4m to £3.8m.
The strong trend continues into 2021 with first quarter sales of nearly £20m and operating profits already topping £2.5m.
CEO James Hickman said: “Home renovations have been a creative distraction for lots of us during lockdown and people are really loving their bathrooms, as place to unwind or even as a quiet space for work calls and Zoom meetings.
“Since we’ve returned to private ownership, we’ve been able to operate a really tight ship and respond to customer and market demands quickly. We offer brilliant value for money which is shown in our results.”
Plumbworld employs 125 people across its two sites in Evesham and Barrowford,Lancashire, and is currently recruiting in a range of sectors including warehouse, IT, account management and customer services (the latter based in Barrowford, Burnley).
Hickman said: “We’re really proud of our team and have ambitious growth plans for the next few years. We now have Panoramic Growth as our private equity partner, who are a breath of fresh air and the management team is now trusted to run the business and the entrepreneurial spirit has returned as a result.”
