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.