Height goods retailer Marks Electrical today revealed plans to list on London’s junior AIM market after benefiting from the pandemic online shopping boom.
The company, started in 1987 by founder-CEO Mark Smithson from his father’s Leicester garage, saw revenue rise 78% to £56 million by the end of March.
The listing, expected later this month, could be worth up to £175 million to the retailer, the city estimates.
Marx has appointed Nichols’ former CEO, Marnie Millard, as non-executive chairman to its board as it plans an IPO. It said the proceeds will be used to help fund the firm’s next phase of growth, which includes building brand awareness and expanding warehouse capacity.
Stockbroker Panmure Gordon is advising on the planned listing.
Smithson, who is expected to make windfall gains from the IPO, said they are “delighted to announce our intention to list on AIM”.
He added: “We see significant opportunities to continue to increase our market share, improve our brand awareness, and build on our strong business momentum.”