ProCook considers float on London Stock Exchange
Kitchenware retailer ProCook is considering an initial public offering on the main market of the London Stock Exchange.
Founded in the mid-1990s as a family business, ProCook designs, sources and retails a range of high-quality cookware, kitchen accessories and tableware.
In the UK, its sells directly to customers through its own website and portfolio of over 50 retail stores. It also has a presence in continental Europe via sales through third party marketplace websites.
In a statement, ProCook said the move will support its growth plans by increasing its public profile and brand awareness and by helping it to attract and retain high quality staff.
ProCook’s revenue grew by 37% to £53.4 million in the year to 4 April 2021 while adjusted EBITDA rose by 246% to £13.3 million.
Daniel O’Neill, ProCook chief executive and founder, said: “ProCook has a unique, direct-to-consumer proposition which has allowed us to grow the business at pace and differentiates us from others in the sector. We can take the brand much further, both in the UK through appealing to more customers and expanding our range, but also internationally. We look forward to taking advantage of these opportunities as a public company.”
Greg Hodder, ProCook 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.”
