Gloucestershire-based kitchenware brand ProCook has announced it is preparing a listing on the London stock market after its revenue grew to more than £50m this year.
The company sells its cooking and dining products directly to its customers through its website and also operates a growing portfolio of more than 50 stores across the 海角视频.
The firm said if it proceeds with the initial public offer it expects to begin trading on the main market, and it would include existing shares to be sold by existing shareholders.
ProCook said following admission it expected to have a free float of at least 25% of its issued share capital, making it eligible for inclusion on the FTSE index.
It comes as the business prepares to open two new stores in the Westfield shopping centres in London and on its first day of trading from an outlet at The Mall at Cribbs Causeway in Bristol.
Chief executive Daniel O’Neill launched the family business more than 25 years ago which began by selling cookware sets through catalogues.
Mr O’Neill said the move reflected the “incredible progress” ProCook had made in recent years and was “testament” to the efforts of its staff.
Mr O’Neill told BusinessLive that the listing would “elevate” brand awareness to compete with other cookware brands such as Le Creuset, Tefal, Denby and allow it to recruit and retain high quality talent.
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Mr O’Neill said: “We have achieved a lot but there is more to come, and we are as ambitious as ever about sharing our passion for cooking, by inspiring and exciting customers with our expanding range of kitchenware.
“ProCook has a unique, direct-to-consumer proposition which has allowed us to grow the business at pace and differentiates us from others in the sector. We can take the brand much further, both in the 海角视频 through appealing to more customers and expanding our range, but also internationally.
“We look forward to taking advantage of these opportunities as a public company.”
ProCook’s revenue grew by 37% to £53.4 m in the financial year ending April 4 2021, with adjusted EBITDA growing by almost 250% to £13.3m in the same period.
The company reported it had continued to perform strongly in the 24 weeks to September 19, 2021, and in line with management’s expectations.
Mr O’Neill told BusinessLive that despite its stores closing for about five months of last year, ProCook managed to achieve just under 40% growth, and it was matching that so far this year.
ProCook is planning to expand its store portfolio to around 70, with Mr O’Neill saying 60% to 70% of its kitchenware goods were bought retail.
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The businessman said that while brand awareness in the South West was strong, thanks to its long-standing stores in Gloucester and Street in Somerset, it was looking to increase its presence within the M25 and areas across the country, including Exeter and North Devon.
ProCook sells its products to customers across Europe, mainly in France and Germany, through third-party online marketplaces. Mr O’Neill said “steady” rollout of the business in Western Europe was part of its expansion plans for the next two to three years.
Mr O’Neill said the company was anticipating good trade over the Christmas period. He told BusinessLive that while wider supply chain issues had affected the business, contingency planning meant it was currently carrying about 23 weeks of stock, which he said would give it an advantage over other retailers.
Mr O’Neill said: “It’s a very proud day for us. It’s a great achievement for everybody. There’s over 200 people now here in our Gloucester head office, it’s not a small team but they are key to our success, as are the guys in the stores.
“For us Gloucestershire is a great place to do business, the calibre of people we’ve managed to attract has enabled us to do what we’ve done.”
ProCook is being advised by investment bank Peel Hunt during the listing process.
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