IPO listing is set for consumer goods brand
THE COMPANY OWNS THE BELDRAY BRAND AND HOLDS THE LICENCE TO SELL SOME SALTER AND RUSSELL HOBBS PRODUCTS
A GREATER Manchester-based consumer product group is set for a £100m listing in the London Stock Exchange in the next few days.
Ultimate Products develops, designs, sources and distributes a wide range of consumer products and owns the Beldray brand with a licence to sell some Salter and Russell Hobbs products in the UK.
Customers include retailers Aldi, Amazon, Argos, Asda, B&M, Boots, Dunelm, Halfords and Poundland.
The company, which has a site in Oldham and a base in China, has set its offer price at 128p per share, which will equate to a market capitalisation of approximately £105.2m.
Shore Capital are the brokers bringing the company to market in one of the biggest floats of the year so far, while Cenkos is acting as joint bookrunner.
Simon Showman, CEO of Ultimate Products, said: “We are delighted to be welcoming new shareholders to the register as we take the business forward with this important step in Ultimate Products’ story. Ultimate Products is a fast growing business focused on selling consumer goods for the home under well-known brands to over 300 retailers across 38 countries. Our branded, mass-market strategy has consistently delivered significant organic revenue and profit growth, and we are well positioned for further growth as we leverage our strengths to take advantage of the substantial structural changes that continue to impact the retail market.
“We have been very pleased by the strong interest in our IPO that investors have shown, and we look forward to the benefits the flotation will create for our company, our people and our customers in the months and years ahead.”
Late last year Jim McCarthy, former chief executive of Poundland joined Ultimate Products as chairman.
Mr McCarthy said: “I have known about Ultimate Products for several years, during which time it was a supplier to Poundland. Simon is a highly creative, highly driven entrepreneur and has the added benefit of being extremely personable.
“Ultimate Products has a terrific track record of growth which has been achieved by building an impressive range of brands, delivering amazing value for money to customers, whenever, wherever and however they want to shop.”