A £240m-turnover South Yorkshire radiator manufacturer is weighing up a potential float on the London Stock Exchange.
Rotherham-based Stelrad Radiator Group, which can trace its history back to the 1930s, is a manufacturer and distributor of steel panel radiators in the UK, Europe and Turkey.
The company has manufacturing and distribution facilities in the UK, Netherlands and Turkey, additional distribution facilities in Poland and Denmark and sales personnel in seven other countries, including China.
The group operates through four main business divisions: UK Radiators, Continental Radiators, Termo Teknik and Hudevad.
In the 12 months ended 30 June 2021, Stelrad's revenue grew to £242.5m, up 23.4 per cent from £196.6m in 2020. Operating profit increased by 63.9 per cent to £32m.
Stelrad has announced that it is considering an initial public offering on the Main Market of the London Stock Exchange. It intends to raise gross proceeds of about £25m to repay certain existing indebtedness of the group.
Bob Ellis, chairman of Stelrad, said: "Stelrad is a leading specialist manufacturer and distributor of steel panel radiators with a track record dating back to the 1930s. Today, the Group benefits from an unrivalled combination of brand strength, highly efficient operating infrastructure and market access, trading across six core geographies of the UK, Benelux, Germany, France, Turkey and Poland.
"The group's highly experienced management team have a wealth of industry experience and a long-standing commitment to the business having put in place a strategy that has seen the business deliver a resilient financial performance in recent years and, as a result, the group is well placed to build on the strong momentum through both organic and inorganic growth opportunities."
Stelrad has appointed Investec Bank as sponsor, sole global co-ordinator and sole bookrunner in the event that the offer proceeds, and Clearwater International as financial advisor.
