Supporting one of the largest flotations on AIM
Victorian Plumbing, the online bathroom retailer, is now one of the largest companies on the Alternative Investment Market (AIM) following its flotation in June. Something achieved in just a few months, largely while in lockdown.
Setting the scene
Based in Skelmersdale, Lancashire, Victorian Plumbing employs more than 500 staff across seven locations in Skelmersdale, Manchester and Birmingham.
It has grown rapidly in this popular sector since it’s launch in 1999 and by 2020 it had around 14% of the total bathroom market based on revenues of £209m. The next logical stage for its development was to raise funds via an AIM flotation.
How we helped
The PwC team, led by Partner Dan Harris, acted as lead adviser for accounting and tax structuring ahead of the AIM debut.
This included tax policy compliance activity, PLC remuneration work and Net Zero planning. Given its rapid growth, our team also helped ensure Victorian Plumbing’s valuations were updated ahead of the listing.
All of our work was completed, from being appointed in January to flotation in June, without a single face-to-face meeting between the two teams, due to ongoing restrictions placed upon them by the pandemic.
This was all possible due to the “strength of our relationships with the client”, according to Dan Harris.
“The overwhelmingly positive reaction to our IPO was humbling and it is amazing to see the support and excitement around our strategic plans. I’d like to thank PwC for their support and advice in helping us navigate through some of the complexities associated with such a significant floatation. It is a great pleasure to welcome our new shareholders to the business, and we are excited for the next chapter of growth together as a public company.”
Making a difference
The placing attracted strong support from institutional investors and was significantly over-subscribed. While the primary proceeds of the placing were used to satisfy the direct costs of the IPO process, in the longer term Victorian Plumbing expects the placing to position it strongly for the next stage of its development. PwC is still supporting it on this journey.
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