Online bathroom retailer Victorian Plumbing has announced it is looking for a partner to invest in the company to help it pursue international growth opportunities.
The company has appointed investment bank GCA Altium to help manage offers from investment partners as it looks to expand the business.
The move comes after Victorian Plumbing revealed it had settled an ongoing dispute with VictoriaPlum.com out of court, avoiding the appeal hearing that was scheduled for this month.
The company said GCA would “review strategic options”, with Victorian Plumbing recently seeing a 28% increase in turnover in its latest financial accounts.
Pre-tax profits rose to £3.1 million, and it said it is on target for a turnover of £106m to £107m in the current financial period.
Managing director Mark Radcliffe (pictured) said: “We have some bold and exciting plans for 2018 and beyond, and on the back of our market-leading financial results, we are better prepared than ever to push on and reinvest in the people, processes and technology that have allowed us to maintain the incredible level of growth we have set over the past few years.
“The investment options we are looking into with the help of GCA Altium are going to allow us to invest in the growth of the company – with the level of opportunity we believe is out there in the international regions, and where we feel we can get this company to. We want to give ourselves the strongest footing possible to take that next step. Bringing on a growth partner who buys into our vision for Victorian Plumbing is going to allow us to make the significant investments needed.”
Victorian Plumbing was founded in 1999 by Radcliffe, who currently owns 75% of the business. His brother, Neil, owns 15% and their mother, Carole, owns 5%, according to Companies House. The remaining 5% is owned by the company’s accountant Martin Stewart.
The company has not yet revealed what share of the business it plans to sell.