A Leicester-based online electricity retailer has said it intends to make an initial public offering and apply for admission to trading on AIM.
Marks Electrical sells, ships, installs and recycles a range of household electrical products. It was founded in 1987 by General Manager Mark Smithson and has grown into a national retailer.
As of March 31, 2021, revenue reached £ 56million, up 78% from the prior year, while EBITDA increased to £ 7.45million.
Smithson said, “This is an important milestone in our growth journey as we continue to grow the business and provide premium electrical items to the growing number of consumers who purchase electrical appliances online.
“We see significant opportunities to continue to grow our market share, improve brand awareness and continue to leverage our strong commercial momentum. “
The company also revealed the appointments of Marnie Millard as elected independent non-executive chairman, and David Wilkinson and Alyson Fadil as elected independent non-executive directors.
Millard said, “As one of the first electrical retailers to transition to selling products online, Marks Electrical has a deep market knowledge and understanding of its customers which has been key to its continued growth. .
“With a scalable platform, backed by proprietary technology, a simple distribution network and a vertically integrated delivery model, the company has many growth opportunities ahead and I look forward to working with Mark and the board. administration. “
Admission is scheduled for the end of October 2021.
Panmure Gordon acts as appointed advisor and sole broker with respect to the proposed placement and admission.