Gloucestershire’s ProCook prices IPO at 145p per share ahead of Stock Exchange float

ProCook O2 Icon Shopping Centre_Spring

Following the announcement that leading Gloucestershire direct-to-consumer specialist kitchenware brand, ProCook, intended to list on the London Stock Exchange, the company has announced a successful pricing of the offer at 145p per share, making the market capitalisation of the company £158 million as conditional dealings start.

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).

Daniel O’Neill, CEO and Founder, said: “We have been thrilled with the level of interest and support from a range of institutional and retail investors. I am really proud of how far we have come as a business, and today’s announcement is another key step on our growth journey.

Daniel_O’Neill ProCook“ProCook has a unique, direct-to-consumer proposition, a clear strategy for growth and a dedicated team of wonderful staff with a real passion for cooking – all the key ingredients needed to enable us to continue to grow and develop our ambitions. I’m excited for our future and look forward to this next chapter.”

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.

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.