Victorian Plumbing has acquired online only UK bathroom retailer Victoria Plum as it looks to accelerate its growth.
The bathroom specialist snapped up its rival for £22.5m, which it said represents 0.5x the company’s estimated annual revenue and “reflects the significant strategic value of the Victoria Plum brand and its associated intellectual property”.
Victorian Plumbing said that “given that Victoria Plum has recently been through an administration and there is already a cost reduction programme in progress, [it] intends to continue to trade the business as normal initially, pending finalisation of [an] integration plan”.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
It said it expects the etailer to “broadly break even” in the second half of 2024.
Victorian Plumbing CEO Mark Radcliffe said: “I am delighted to announce the acquisition of Victoria Plum, a well-established brand with a solid base of customers, suppliers and product ranges.
“The acquisition aligns with our ambitions to accelerate our growth. We are pleased to welcome the existing Victoria Plum team to our group and look forward to continuing to provide customers with a fantastic range of bathroom products and accessories.
“This acquisition represents another exciting strategic milestone for the company and, together with the investment in our new distribution centre, provides a unique opportunity to deliver increased shareholder return.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
