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UK News Kitchen retailer ProCook mulls £300 million listing

17:42  15 october  2021
17:42  15 october  2021 Source:   pressassociation.com

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A breakfast-cooking chief executive who set up a kitchen equipment retailer 25 years ago with his family has unveiled plans to bring his firm to market.

Mr O’Neill set up ProCook in his garage 25 years ago (ProCook/PA) © Provided by PA Media Mr O’Neill set up ProCook in his garage 25 years ago (ProCook/PA)

ProCook founder Daniel O’Neill, a self-professed keen chef, revealed plans on Thursday to potentially list the business for as much as £250 million to £300 million.

A quarter of a century after setting up the business, which now has more than 50 shops across the UK, the family plan to cash in a part of their success, selling off more than a quarter of shares in a potential float.

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They chose to go public in London, rather than selling to a private buyer, to keep control over the company and keep it true to his vision.

ProCook has more than 50 shops across the UK. (ProCook/PA) © Provided by PA Media ProCook has more than 50 shops across the UK. (ProCook/PA)

“It gives us an opportunity to share some of the good fortune with our team,” he added, saying the company was considering shares or other options for staff.

Mr O’Neill said he was proud to be announcing the float plans on the week of his mother’s birthday. She helped him set up the business and died in 2006.

She, like him, had been a keen cook, Mr O’Neill said.

“I think I am probably most known as a breakfast chef, whether it is kedgeree or rosti, I love to cook breakfast, that’s probably my forte,” he said, adding he gets involved in designing and testing new products.

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The company is holding twice its usual stock in order to mitigate against the supply chain problems plaguing many UK retailers.

“We’re putting more stock into our stores, ahead of any potential problems with road haulage here in the UK, so we feel we’re really well prepared for any potential problem that may arise,” he said.

This will add costs for the company, however the business has been able to tap into the money it made last year, a successful one for ProCook.

Revenue increased 37% to £53.4 million in the year ending April. Adjusted earnings before interest, tax, depreciation and amortisation rose 246% to £13.3 million

Since then the business has performed in line with expectations.

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This is interesting!