Marks Electrical plans to float on AIM
Marks Electrical has announced plans to float on the AIM junior stock exchange as it looks to increase brand awareness and grow its market share.
Founded in Leicester in 1987 by its chief executive Mark Smithson, the company sells, delivers, installs and recycles a wide range of household electrical products primarily through its website.
The company offers over 3,000 products from over fifty brands across its main product categories, which include cooking, refrigeration, washers and dryers, dishwashers and audio-visual. Delivery is operated by its own team of delivery drivers in its owned and branded vehicles, who are also able to offer installation and recycling services.
In the year to 31 March 2021, the company’s revenue rose by 78% to £56 million while EBITDA increased to £7.45 million, at a 13.3% EBITDA margin.
Smithson said: “I am delighted to announce our intention to list on AIM. This is an important step in our growth journey as we continue to scale the business and deliver premium electrical items to the growing number of consumers buying electricals online. We see significant opportunities to continue to grow our market share, improve our brand awareness, and further build on our strong trading momentum.”
The IPO will support the next stage of Marks Electrical’s growth, which will include strengthening digital marketing and increasing brand awareness.
The company has also appointed Marnie Millard as an independent non-executive chair elect, and David Wilkinson and Alyson Fadil as independent non-executive directors elect. The appointments will take effect on admission which is expected to take place later this month.
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