Kitchenware brand ProCook prepares for GBP300mln London IPO

0
28

ProCook, a direct-to-consumer kitchenware brand, is planning to float on London’s main market in the coming weeks, with a valuation reported at GBP250-300mln.


The family-owned online and offline retailer, which was founded 25 years ago from a cottage in Gloucestershire as a mail order business, is floating to provide a partial exit for existing shareholders.


Advised by broker Peel Hunt, the proposed share offer would existing shares to be sold by existing shareholders, with a portion made available via an intermediaries offer to retail investors.


In the year to April 2021, ProCook increased revenue by 37% to GBP53.4mln and underlying earnings (adjusted EBITDA) 246% to GBP13.3mln.


Sales of its 1,600-item range of pots, pans, knives, tableware and other items are made via its website and more than 50 stores across the UK, along with third-party marketplace sales in Europe, predominantly in Germany and France.


The company says it has the ingredients to keep growing, boasting capabilities in product design and sourcing that “are not straightforward for competitors or prospective competitors to imitate”, while seeing a “significant opportunity for growth” in what it says is a “highly fragmented” UK kitchenware market as well as an GBP8.1bn kitchenware market in Germany, France and the Netherlands that are forecast to grow at 2.8% a year.


“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 UK through appealing to more customers and expanding our range, but also internationally,” said founder and chief executive Daniel O’Neill in a statement.


A 25% stake in the business is being sold by O’Neill’s family, including his wife and brother, who currently own the business outright.


Chairman is Greg Hodder, former CEO of Charles Tyrwhitt and chairman of Majestic Wines, while new finance chief this year is Dan Walden, formerly at Booking.com and Dunelm.


LEAVE A REPLY

Please enter your comment!
Please enter your name here