Ultimate in £105m bid to float on stock market

THE firm behind a raft of kitchen gadgets and household goods hailed an “important step” for the group as it unveiled its £105 million stock market flotation.

Ultimate Products, which owns the Beldray brand and holds the licence to sell Russell Hobbs and Salter kitchenware ranges in the UK, has priced its initial public offering (IPO) at 128p a share, valuing the firm at £105.2m.

Manchester-based Ultimate, chaired by former Poundland boss Jim McCarthy, is floating around 50 per cent of its share capital aiming to raise £52.6m from the move to fund expansion.

Conditional dealing in shares started yesterday and the group said full admission to the stock market was expected on March 6.

The move comes after Ultimate Products had put plans for a listing on ice prior to the EU referendum.

Simon Showman, chief executive and co-founder of Ultimate Products, said the firm had seen “strong interest” from investors for the IPO. He added: “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.”

The group develops, designs, sources and distributes products from kitchen gadgets to ironing boards.

It owns Beldray – the UK’s first manufacturer of steel ironing boards – as well as audio specialist intempo and luggage brand Constellation.

Details of the IPO came as the firm reported a 58.2 per cent rise in underlying earnings to £4.4mn for the first quarter of 2017 on revenues 48.7 per cent higher at £33m.