UK bathroom retailer Victorian Plumbing has announced the acquisition of the entire issued share capital of AHK Designs, which trades as Victoria Plum.  

The transaction, completed on 17 May 2024, sees Victorian Plumbing Limited, a company subsidiary, taking over the Doncaster-based online retailer for £22.5m ($28.5m) on a cash-free, debt-free basis. 

The purchase, funded from Victorian Plumbing's existing cash reserves, represents approximately 0.5 times Victoria Plum's estimated annual revenue.  

The move brings significant value through the Victoria Plum brand and its intellectual property.  

The company anticipates that Victoria Plum will reach a break-even point in the second half of 2024. 

The acquisition follows Victoria Plum's recent administration phase and the subsequent purchase by AHK Designs in a pre-pack deal.  

Victorian Plumbing intends to maintain Victoria Plum's business operations as usual while working on finalising the integration plan. 

The company plans to share more details on the acquisition's impact in the company's interim results presentation on 28 May 2024, which will cover the six months ending 31 March 2024.  

Victorian Plumbing CEO Mark Radcliffe said: "I am delighted to announce the acquisition of Victoria Plum, a well-established brand with a solid base of customers, suppliers and product ranges." He emphasised the acquisition's alignment with Victorian Plumbing's growth ambitions and the expected benefits for shareholders. 

"This acquisition represents another exciting strategic milestone for the company and, together with the investment in our new distribution centre, provides a unique opportunity to deliver increased shareholder return."  

Victorian Plumbing, headquartered in Skelmersdale, operates in nine locations and employs 600 staff.  

The company offers over 34,000 products to both consumer and trade customers.