Victorian Plumbing becoming latest firm deciding to list

The London stock market is red-hot, with Victorian Plumbing becoming the latest firm deciding to list in a deal that could hand the founder’s family a £920m windfall. 

The Liverpool firm, which sells bathroom equipment online, will come to market on June 22. 

The announcement came as online furniture group Made also unveiled further plans for its initial public offering (IPO) later this month after a bumper lockdown. 

‘Workaholic’: Victorian Plumbing’s float will mean a big payday for chief executive Mark Radcliffe

There have been a string of high-profile IPOs in London since the turn of the year with Deliveroo going public in March and Darktrace following suit in April. 

Victorian Plumbing’s float will mean a big payday for chief executive Mark Radcliffe, who founded the company in 2000. Radcliffe, 42, holds a 74 per cent stake while his brother Neil has 14 per cent and his mother 4 per cent. With the business expected to be valued at between £800m and £1billion, the family holding could be worth as much as £920m. 

A self-confessed workaholic, Liverpool-born Radcliffe is already a millionaire after he set up First2save, a mobile phone accessories business from his parents’ shed. 

Upon admission to the stock market, former William Hill chief executive Philip Bowcock will be appointed chairman. Damian Sanders, who is a board member at Cineworld and The Hut Group, will also become a non-executive director. 

The firm recorded revenue of £208.7m and earnings of £26.2m in the year to September 30. Most recent accounts show in the six months to March 31 it achieved revenue of £140.7m, and earnings of £20.1m. 

Radcliffe said: ‘We work hard every day to make sure we are providing consumers with the largest choice of quality bathroom products. Our approach is industry leading, as evidenced by our substantial and growing market share.’ GCA Altium is acting as adviser while Barclays Bank and Numis Securities are also involved. 

Made’s float is also set to make fortunes for entrepreneurs Li Ning, Brent Hoberman, Julien Callede and Chloe Macintosh. Hoberman – a serial investor who counts David Cameron and George Osborne among his friends – is understood to be the largest individual shareholder. 

The listing will allow Made to raise money and the business is expected to be valued at £1billion. Philippe Chainieux, chief executive, said: ‘I am pleased to announce our confirmed intention to list here in London, where Made was born. 

‘Over the last 11 years, Made has been revolutionising the home and living sector by providing our customers across Europe with a curated range of high-quality, responsibly made, affordable products, underpinned by exclusive designs.’  

This post first appeared on Dailymail.co.uk