October 17, 2019
Online-only bathroom retailer Victoria Plum has been acquired by private equity investor Endless LLP from TPG Capital for an undisclosed sum.
Global investment firm TGP Capital had been looking for a buyer since July. According to Sky News, it received bids as low as £10 million for the company, although TGP had paid as much as £200m in 2014.
Endless acquired the entire capital share of the company and is looking at expanding its product and service offering. Victoria Plum, which is exclusive at VictoriaPlum.com, retails predominantly its own-brand bathroom products, which includes suites, furniture and accessories.
The company made a loss of £13.2m in 2016, then another loss of £5.7m in 2017, but the company has slowly turned its figures around and made a profit of £0.2m in 2018 on a turnover of £63m.
Paul McClenaghan, chief executive of Victoria Plum, said: “We thank TPG for their partnership over the last few years. Endless recognise that they have acquired a well-invested and well-managed business, with customers at our heart and key areas of differentiation.
“We believe this is a business with fantastic potential, and we’re delighted to be working with Endless to accelerate our strategy for growth and continue to find ways to differentiate. We look forward to an exciting future together.”
The Hull-based retailer employs more than 300 people at its HQ, Doncaster distribution centre and the network of transport hubs.
Matthew Jubb, partner at Endless LLP in Leeds, said: “Victoria Plum is a hugely exciting acquisition for us, and as a Yorkshire-based private equity house, we are thrilled with the opportunity to back a great local business and help it continue to achieve its full potential.
“As an established retail brand with a well-invested infrastructure and e-commerce platform, the business has solid foundations on which to further grow and respond to robust online demand for quality and competitively priced home products.
“We look forward to working closely with Paul and the rest of the management team to deliver our shared vision for this business.”
Jubb from Endless will join the Victoria Plum board, supported by David Isaacs and Linda Nguyenova from the Endless investment team that led the transaction. The investment is the latest for Endless’s £525m Fund IV.
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