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.

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(END) Dow Jones Newswires

January 03, 2023 02:00 ET (07:00 GMT)

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