leadf
logo-loader

Victorian Plumbing’s IPO to take founder from shed to shed-loads of cash

Mark Radcliffe, the CEO of the online plumbing and heating products retailer, will be left sitting on a £740mln fortune when the company lists on AIM later this month

Mark Radcliffe Victorian Plumbing
Mark Radcliffe

The planned initial public offering (IPO) of bathroom products retailer Victorian Plumbing Group Limited is set to leave its founder sitting on a multi-million-pound fortune just over 20 years after setting up the business in his parents' shed in Merseyside.

Mark Radcliffe, who founded the online plumbing and heating retailer in 2000, is predicted to see his 74% stake in the group valued at between £562-£740mln based on the company’s expected market cap of between £800mln-£1bn when its lists on the AIM market later this month, according to a Times report citing advisors connected to the float.

Also in line for massive windfalls include Radcliffe’s brother Neil, who owns 15% of the firm and serves as a product director, as well as his mother who holds a 5% stake. Overall, the Radcliffe family will be left sitting on a fortune of around £940mln, assuming the firm reaches the top end of its expected valuation.

Victorian Plumbing said this week that it expects to list on or around June 22 following a strong first half that saw it record adjusted earnings (EBITDA) of £20.1mln and revenues of £140.7mln in the six months to March 31.

The company has been one of the multiple firms to have benefited from the effects of the COVID-19 pandemic, which saw spending on home improvements and DIY products surge as lockdowns, border closures and shop closures left consumers searching for places to spend their cash.

"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", Radcliffe said in a statement.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Altus Strategies' 'transformational transaction', the $34mln deal with...

Mining Capital's Alastair Ford joins Proactive London to discuss Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF).  The company has just completed on what Ford describes as a 'transformational transaction', the US$34mln acquisition of the Caserones...

16 minutes ago

2 min read