The family behind Victorian Plumbing, an online bathroom accessories retailer, is in line for a £266m payday as the company prepares its stock market debut.
Victorian Plumbing, which is headquartered in Merseyside, will list for £850m on Aim next week in the biggest ever float for London’s junior market.
Mark Radcliffe, 42, founded the business in 2000 in his parents’ garden shed after setting up a website for his father, who restored Victorian bathrooms.
The Radcliffes will sell £266m worth of shares when the company lists, leaving it with a combined 58pc stake. Mr Radcliffe, who will remain chief executive, is in line to receive £212m from the flotation, while his brother, Neil, who is a product director at the company, will sell £42.4m of shares. Their mother, Carole, will sell £12m of her stake.
Mr Radcliffe, who became the UK’s first eBay millionaire aged 30 by selling mobile phone accessories through his firm First2save, has credited his early success with discipline and hard work.
His first job was collecting eggs from battery hens and he made extra money by doing paper rounds and working on building sites at weekends. He also worked part-time for McDonald’s and Tesco as a teenager.
The entrepreneur bought a Ferrari aged 26 after telling his mother he would own one by the time he was 25. Victorian Plumbing, which employs 547 staff, will raise £11.6m from the listing to pay bankers’ fees and grow the business.
The initial valuation was between £800m and £1bn. Radcliffe collected £9.3m in dividends in 2020 and 2019 according to filings at Companies House.
In December, the firm said that it would repay £126,000 of furlough cash it received from the Government after a boom in home improvements during the pandemic.