Doncaster-based Victoria Plum reports record sales of £103m
An online bathroom retailer has gained a major funding package to help increase its market share.
Doncaster-headquartered Victoria Plum has secured a £7m flexible facility from Secure Trust Bank Commercial Finance to support further growth, following record sales.
The company, which is owned by Leeds-based private equity fund Endless, reported £103m in sales in its 20th anniversary year, up 46 per cent on the previous year.
EBITDA reached £4.5m, an increase of 115 per cent on the previous year, and the workforce grew by 49, taking total employee numbers to 398 in February 2021.
Over the last year, Victoria Plum launched a bathroom design and installation service and also transformed the company’s offices in Doncaster and Hessle into co-working hubs where people can work and meet as required.
Chief financial officer, Martin Hargreaves, who led the financing transaction, believes Victoria Plum will continue to grow at speed.
“We are very pleased to partner with Secure Trust Bank to agree this new growth funding package,” he said. “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.”
Secure Trust Bank has supported Endless in funding a number of its portfolio companies.
Commenting on the facility, 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 that has been made in the past year. We’re confident that we will continue to grow at speed, but it was essential we found the right partner that could support us.”