Marks Electrical eyes London IPO after online growth
Online retailer Marks Electrical has announced its intention to pursue an initial public offering (IPO) on London’s AIM market.
The group – which sells, installs and recycles a variety of household electrical items – has seen online growth swell as consumer behaviour has changed.
Revenue hit £56m in the year to March 31 2021, up 78 per cent on the previous financial year.
The retailer also reported a strong start to the current financial year, with revenue growth of 78 per cent in the first half, compared to 47 per cent growth in the same period last year.
Admission is expected to take place in late October with Panmure Gordon (UK) Limited acting as nominated adviser and sole broker for the proposed placing and admission.
Mark Smithson, founder & chief executive officer of Marks Electrical, said: “This is an important step in our growth journey as we continue to scale the business and deliver premium electrical items to the growing number of consumers buying electricals online.
“We see significant opportunities to continue to grow our market share, improve our brand awareness, and further build on our strong trading momentum.”
The group has hired former Nichols CEO, Marnie Millard, as non-executive chairman. It has also hired former Ernst & Young senior partner, David Wilkinson, and chief people officer of online clothing retailer N Brown, Alyson Fadil, as non-executives.