ProCook mulls IPO as revenues soar
UK kitchenware retailer ProCook has announced its intention to publicly sell its shares after revenue swelled to over £50m this year.
The company, which sells kitchen supplies through its website and via 50 retail stores across the UK, said that if it proceeds with the listing it expects to begin trading on the main market for listed securities of the London Stock Exchange.
It comes after the company’s revenue jumped by 37 per cent to stand at £53.4m in the latest financial year while EBITDA swelled by 246 per cent to £13.3m.
Daniel O’Neill, CEO and Founder, said “today’s news reflects the incredible progress that ProCook has made in recent years.”
“We can take the brand much further, both in the UK through appealing to more customers and expanding our range, but also internationally,” said O’Neill hinting that the company is planning an expansion into overseas markets.
Greg Hodder, a non-executive chairman added: “what Daniel and the team have achieved over the last 25 years is remarkable, but there are still so many opportunities for ProCook, both in the UK and in Europe.
“The IPO will elevate the profile of the business and provide the right structure to take ProCook into its next chapter of growth, so we look forward to the exciting journey ahead,” Hodder continued.
The company said the IPO would include an offer of existing Shares to be sold by existing shareholders.Immediately following Admission, ProCook expects that it would have a free float of at least 25 per cent of the company’s issued share capital and that it would be eligible for inclusion in the FTSE United Kingdom indices.
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