Lords Group Trading plc has announced its proposed admission to trading on the AIM market of the London Stock Exchange in a move intended to enable it to “raise new equity to provide flexibility to accelerate its growth… through a variety of organic and inorganic strategies, including geographic reach, product expansion, the active expansion of e-commerce platforms and the continued investment in its logistical capability”.
Lords was established over 35 years ago as a family business with its first retail unit in Gerrards Cross, Buckinghamshire. Since then, it has grown to a business operating from 33 sites with a combined turnover in excess of £288million. The Group’s stated aim is to become a £500million turnover building materials distributor group by 2024 as it grows its national presence.
The Group’s Merchanting division operates in both the heavyside and lightside segments of the market via online platforms and through 24 UK locations. Operating over nine locations, its Heating and Plumbing division is a specialist distributor of heating and plumbing products to a network of independent merchants, installers and the general public.
Principally focused on the growing RMI market, the Group reports that its businesses have experienced strong organic growth and remain “well-placed to take advantage of future favourable conditions” in the market. Its growth in recent years has also been fuelled by “a number of well-performing acquisitions” and has acquired more than 13 businesses in the last 10 years.
Shanker Patel, Chief Executive Officer of Lords Group Trading plc, said: “We are delighted to announce our plans to join the AIM market. The entire team has worked hard to establish Lords’ position as a leading distributor in the UK building materials market, and it is this ability and ambition that will allow us to capitalise on the significant opportunities ahead.
“The RMI market in particular has huge potential and is supported by a number of short, medium and longer term growth drivers. We look forward to continuing to grow our business as a publicly quoted company.”
