ProCook set to be listed on London stock exchange
KITCHENWARE brand ProCook has announced it is preparing a listing on the London stock market after its revenue grew to more than £50m this year.
The Gloucestershire-based firm sells its cooking and dining products directly to its customers through its website and also operates a growing portfolio of more than 50 stores across the UK.
The firm said if it proceeds with the initial public offer it expects to begin trading on the main market, and it would include existing shares to be sold by existing shareholders.
ProCook said following admission it expected to have a free float of at least 25% of its issued share capital, making it eligible for inclusion on the FTSE index.
It comes as the business prepares to open two new stores in the Westfield shopping centres in London and on its first day of trading from an outlet at The Mall at Cribbs Causeway on the outskirts of Bristol.
Chief executive Daniel O’Neill launched the family business more than 25 years ago which began by selling cookware sets through catalogues.
He said the move reflected the “incredible progress” ProCook had made in recent years and was “testament” to the efforts of its staff.
Mr O’Neill added that the listing would “elevate” brand awareness to compete with other cookware brands such as Le Creuset, Tefal, Denby and allow it to recruit and retain high quality talent.
He said: “We have achieved a lot but there is more to come, and we are as ambitious as ever about sharing our passion for cooking, by inspiring and exciting customers with our expanding range of kitchenware.
“ProCook has a unique, directto-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.”