Family gets £260m after floating plumbing firm
A FAMILY that started a plumbing business from a shed has raked in a £266million payday from the sale of shares on the stock market flotation.
Mark Radcliffe, 42, worked from his parents’ back garden in Southport, Merseyside, in 2000.
Victorian Plumbing is now worth £1billion after its share price jumped by a quarter to 330p on the debut.
Mum Carole, dad George and brother Neil are now all flushed with wealth.
The success left Mark sitting on a stake worth £620million – eclipsing the Queen’s estimated £365million fortune.
Sportscar fan Mark said yesterday was a “landmark day” in the firm’s history. The married father of three banked £212million by selling a chunk of shares but still owns 45 per cent, worth £481million.
Brother Neil, 40, the product director, received £42million and retains a nine per cent stake. Managing director Stephanie Judge, who started out as Mark’s personal assistant in 2013, also shares in the fortune.
Victorian Plumbing has become one of the UK’s leading websites for bathroom kit, selling everything from baths to basins, taps and tiles. From a shed, the business moved to a headquarters in Formby, Merseyside, and relocated to a new base in Skelmersdale, Lancs, last year. It employs more than 500 staff at seven locations including, Manchester and Birmingham.
The flotation was the biggest on London’s junior Alternative Investment Market, which raised £11.9million for the company. The Initial Public Offering marks the latest in a long line this year, with money transfer firm Wise last week also announcing IPO plans.
Other big names to join the Stock Exchange this year include Moonpig, Dr Martens, Virgin Wines, Trustpilot and cyber security giant Darktrace.