300 jobs secured as Doncaster-based Victoria Plum acquired by Beds.co.uk owner

AHK Designs Limited, an e-commerce retailer based in Greater London, purchased the South Yorkshire firm from Leeds-based private equity firm Endless.

Aamir Khurshid from AHK Designs said: “Victoria Plum is a leading online retailer of bathroom products with a strong brand and market-leading product.

“We are pleased to be investing in the future of the business and look forward to welcoming all of Victoria Plum’s employees into AHK Designs.”

Endless acquired Victoria Plum in 2019 from US private equity firm TPG for £200m, and oversaw three years of profitable growth.

The firm said, however, that “significant cost inflation” in global freight costs, as well as cost of living pressures across the UK consumer sector, had impacted both its profitability and cash flows in recent months.

Endless noted that it was therefore decided that for Victoria Plum to continue to develop as a company, it would benefit from being part of a larger group which owned complementary businesses.

In Victoria Plum’s latest accounts, the firm posted pre-tax profits of £736,000 for the 12 months leading up to February 2022, a drop from £1.6 million the year prior.

The company also posted turnover of £113.6 million, up from £99.1 million in 2021.

Victoria Plum appointed administrators from EY on 29 September, who shortly after completed the sale of the firm.

Endless owns a number of other large companies including American Golf and UK bread manufacturer Hovis.

The group also took book retailer The Works to the public markets.

The firm injected £3 million into Victoria Plum prior to the sale in order to support the firm during the auction process.

Last month, Victoria Plum launched its first TV ad campaign with presenter Helen Skelton, who is a brand ambassador for the company.

Victoria Plum claims to be the UK’s largest online only bathroom retailer, and entered its 20th year in business in 2019.

AHK Designs affiliate firm Giomani Designs also owns a number of other UK-based online retailers.

In July of this year, the firm announced that it had agreed a rescue deal to acquire Manchester-based company Moda Furnishings for an undisclosed sum.

In March, Giomani Designs also purchased Somerset-based online homeware retailer Cox & Cox. 65 jobs were saved through the purchase.

AHK Designs Limited was advised on its purchase of Victoria Plum by Dr Sayed Shuja Ali of ICON Investment Consultants; and Tom Pringle, Jasvir Jootla and Emily Rust of Gowling WLG (UK) LLP.

Victoria Plum Limited was advised by Tim Vance, Sam Woodward and Scott Mackenzie of EY; and John Alderton and Jon Chesman at Squire Patton Boggs.