Round-up | NEWS
Victoria Plum secures £7m funding package after record sales
ONLINE BATHROOM retailer Victoria Plum has secured a £7 million funding package after a 46% increase in sales for 2020. The flexible facility from Secure Trust Bank Commercial Finance is intended to support further growth. The company, which is celebrating its 20th anniversary, reported sales of £103 million in the year to February 28. Profits (EBITDA) reached £4.5m – an increase of 115% on the previous year. It grew its workforce by 49 people to 398 in February and last year launched a new bathroom design and installation service. The £7m comprises a £4m inventory facility and a £3m cash flow loan. Victoria Plum chief financial officer Martin Hargreaves said: “We are very pleased to partner with Secure Trust Bank to agree this new growth funding package. Our market fundamentals are strong, we have the necessary scalable infrastructure in place and a clearly differentiated design and installation service that is experiencing rapidly increasing demand.
“In addition, we continue to utilise the constant stream of valuable data and consumer insight to adapt our product offering to meet our customers’ needs. All of these factors combined mean we are ideally positioned to make Victoria Plum the most differentiated, most trusted and most respected bathroom provider.” Victoria Plum is owned by private equity fund Endless. Endless partner Matthew Jubb said: “Since we acquired Victoria Plum, we’ve been executing an ambitious growth strategy, and we’re proud to see the progress made in the past year. We’re confident we will continue to grow at speed, but it was essential we found the right partner that could support us in achieving our ambitions for the business.”
BiKBBI sets its sights on USA
THE BRITISH Institute of Kitchen, Bedroom and Bathroom Installation (BIKBBI) has revealed its plans to strengthen its ties with the US in 2022. BiKBBI chief executive Damian Walters told kbbreview that further collaboration between the BIKBBI and America’s National Kitchen and Bath Association (NKBA), “gives us an opportunity to learn from shared challenges
like compliance and the skills gap”. Its plans for expansion in the US could, Walters added, “help strengthen ties at a critical time, as trade with the US market is vital in a post-Brexit Britain”. The BiKBBI has been involved with the NKBA’s Global Connect Conference and Alliance programme.
Full details of its plans for expansion into the US will be announced at the
BIKBBI’s annual conference and Awards in February 2022 in the Parliamentary office at Portcullis House, followed by a formal reception and awards ceremony at The Houses of Parliament later that afternoon. During the conference, the institute will also reveal plans for the acceleration of its apprenticeship programme, which has been a focus to help plug the skills gap in the UK. Joined by the institute’s patron Stephen Metcalfe, MP for South Basildon and East Thurrock, the event will be attended by over 150 VIP delegates. Walters said: “2021/22 marks our 15th anniversary. We are privileged to be in a position to hold our event at such a venue once again and I’m already looking forward to hosting what will be a remarkable occasion for our industry.”
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