The Victorian Plumbing group, which employs more than 500 staff across seven locations in Skelmersdale, Manchester and Birmingham, launched on to the Alternative Investment Market (Aim) with shares priced at 262p, giving it an initial valuation of around £850 million. The stock then quickly jumped higher to settle at around 309p, valuing the company at over £1.04 billion.
“Today is a landmark day in the history of Victorian Plumbing. The successful completion of our IPO and admission to AIM is an exciting next step on our growth journey. We are pleased to welcome such a strong blue chip shareholder base to the register and look forward to working together on this next chapter in the company’s development”
Victorian Plumbing’s listing raised £11.9 million for the company and £285.9 million for the selling shareholders, netting Mr Radcliffe a multimillion-pound fortune. The entrepreneur sold £212 million worth of shares, reducing his holding from 72% of the company’s issued share capital to 46%.
Victorian Plumbing, which operates as a digital business, offers more than 24,000 bathroom products and accessories across its sites, selling to both consumers and trade customers. The company has seen a huge rise in demand for its product portfolio since the onset of the COVID-19 pandemic.