ProCook, the UK’s leading direct-to-consumer specialist kitchenware brand, has formally announced that it is considering an initial public offering on the London Stock Exchange.
ProCook is a leading direct-to-consumer specialist kitchenware brand, designing, sourcing and retailing high-quality cookware, kitchen accessories and tableware.
ProCook’s revenue grew by 37 per cent to £53.4 million in FY21 (ending 4 April 2021), with Adjusted EBITDA growing by 246 per cent to £13.3 million in the same period. From 2017-2021, ProCook has delivered annual growth in sales of 33 per cent compound annual growth rate (CAGR).
In June it has revealed that it plans to open six large format stores in strong retail destination centres in the coming months, including key stores at Bluewater in Kent and Cribbs Causeway in Bristol, and has opened a hub in the Netherlands to service European markets. The 20,000sq ft warehouse with offices which is situated near Roermond marks the first phase of ProCook’s international expansion and will be followed by the opening of several European ProCook stores in the months ahead.
The company launched more than 25 years ago, in the mid-1990’s, after establishing itself as a family business, selling cookware sets by direct mail in the UK. The Directors believe that it is poised to deliver continued profitable growth and yet still retain the values and ethos of a family-owned, ambitious, agile and entrepreneurial business.
Daniel O’Neill, CEO and founder said: “Today’s news reflects the incredible progress that ProCook has made in recent years and is testament to the efforts and dedication of all our staff in bringing us to this stage in our story.
“We have achieved a lot but there is more to come, and we are as ambitious as ever about sharing our passion for cooking, by inspiring and exciting customers with our expanding range of kitchenware.
“ProCook has a unique, direct-to-consumer proposition which has allowed us to grow the business at pace and differentiates us from others in the sector. We can take the brand much further, both in the UK through appealing to more customers and expanding our range, but also internationally. We look forward to taking advantage of these opportunities as a public company.”
In the UK, ProCook sells directly to customers through its own proprietary website. It also operates its own, growing portfolio of more than 50 retail stores that are spread geographically across the UK to offer customers choice, convenience, and the opportunity to test, trial and seek advice from knowledgeable and helpful colleagues.
ProCook also sells its products to customers in continental Europe via third party marketplace websites, predominantly in Germany and France, with additional delivery options extending to customers in Belgium, Austria, Luxembourg, the Netherlands and Poland.
ProCook’s product range, designed in-house, spans more than 1,600 items and pricing is targeted to be at least 30 per cent lower than similar quality products from competitor brands.
ProCook’s proprietary tech platform has supported its rapid growth in sales and brand profile and continues to support effective decision-making in the business.
Greg Hodder, Non-Executive Chairman, said: “ProCook is a brilliant business with strong entrepreneurial foundations and a family-run culture, designing and sourcing beautiful, quality products at great value. It has a clear strategy to become the first choice for kitchenware through customer acquisition and retention, and channel development.
“What Daniel and the team have achieved over the last 25 years is remarkable, but there are still so many opportunities for ProCook, both in the UK and in Europe. The IPO will elevate the profile of the business and provide the right structure to take ProCook into its next chapter of growth, so we look forward to the exciting journey ahead.”