ProCook plots London float and reveals store opening plans

Kitchenware brand ProCook is preparing to list on the London Stock Exchange, in the latest boost for the capital’s IPO market.

In a move that could potentially value the 26-year old-business at up to £250 million, it expects to float on the main market. Plans follow a strong trading year, with the retailer’s sales jumping 37% to £53.4 million in the year to April 4, as lockdowns saw people in the UK spend more time cooking at home.

The company added that in the the 24 weeks to September 19, sales were respectively 38.8% and 67.2% above the same periods in the last two years.

The Gloucestershire-headquartered firm, which employs some 700 people, sells products such as casserole dishes, knives and cake tins via its website and from its own near 50 standalone stores. It wants to boost that to towards 70 branches after the IPO.

It last month opened a branch on Tottenham Court Road, and stores at the Westfield centres in Stratford and White City are due to launch in November.

ProCook was founded by Daniel O'Neill, a former software developer, with his mother and brother. The business remains family-owned.

O’Neill told the Evening Standard: “We compete against some pretty big household brands, so an IPO will give us brand awareness growth potential. Being a listed company will also help with recruitment.”

ProCook also wants to expand slowly into Germany. It currently sells goods via Amazon in Germany and France.

O’Neill said many “people adopted cooking as a hobby during the pandemic”, and he expects good demand for products to continue.

Peel Hunt is advising ProCook.