Victorian Plumbing Group plc New UK Distribution Centre (4084L)
03 Gennaio 2023 - 8:00AM
UK Regulatory
TIDMVIC
RNS Number : 4084L
Victorian Plumbing Group plc
03 January 2023
3 January 2023
Victorian Plumbing Group plc
("Victorian Plumbing")
New UK Distribution Centre
Victorian Plumbing Group plc (AIM: VIC), the UK's leading online
specialist bathroom retailer, is pleased to announce that the Group
has signed an agreement to enter into a 20-year lease for a new,
544,000 square foot, purpose-built distribution centre in
Lancashire, located close to its existing operations. The new
distribution centre is scheduled to be completed in Autumn 2023 and
will become fully operational after a period of dual running with
existing sites to ensure a smooth transition.
The new distribution centre will support the Group's strategic
expansion and will enable consolidation of a number of the Group's
existing sites, although some existing facilities will be retained
to enable further adjacent category expansion. The Group will
invest in fitting out the new distribution centre through the
current and next financial year. This strategic investment will
provide the Group with further operational capacity to support its
growth, further strengthening its market leading position.
A c.GBP50m right of use asset together with a corresponding
lease liability of the same value will be recognised on the balance
sheet, following completion of the fit out. After the initial
period of investment and operational transition, cash outflows
associated with this lease will be broadly neutral when compared to
current property costs.
Mark Radcliffe, Founder and Chief Executive Officer of Victorian
Plumbing, commented:
"This new facility represents another exciting milestone for the
business, providing us with capacity to manage growth in the
long-term while further establishing Victorian Plumbing's position
as the No. 1 bathroom retailer in the UK. I am also delighted that
this new facility will create additional jobs and further support
our investment in the local area."
-ENDS-
For further information, please contact:
Victorian Plumbing Group plc via FTI Consulting
Mark Radcliffe, Chief Executive Officer +44 20 3727 1000
Paul Meehan, Chief Financial Officer
FTI Consulting (Financial PR) +44 20 3727 1000
Alex Beagley, Eleanor Purdon, Harriet VictorianPlumbing@fticonsulting.com
Jackson, Amy Goldup
Houlihan Lokey UK Ltd (Nominated Adviser)
Sam Fuller, Tim Richardson +44 20 7484 4040
Barclays Bank PLC (Joint Broker)
Nicola Tennent, Stuart Muress +44 20 7623 2323
Numis Securities Limited (Joint Broker)
Luke Bordewich, Tom Jacob, Oliver Steele +44 20 7260 1000
About Victorian Plumbing Group
Victorian Plumbing is the UK's leading online specialist
bathroom retailer, offering a wide range of over 32,000 products to
B2C and trade customers. Victorian Plumbing offers its customers a
one-stop shop solution for the entire bathroom with more than 125
own and third-party brands across a wide spectrum of price
points.
The Group's product design and supply chain strengths are
complemented by its creative and brand-focused marketing strategy,
which predominantly focuses on online channels to drive significant
and growing traffic to its website.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUPUMAGUPWPGP
(END) Dow Jones Newswires
January 03, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Victorian Plumbing (LSE:VIC)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Victorian Plumbing (LSE:VIC)
Storico
Da Giu 2023 a Giu 2024