Ex-Poundland boss McCarthy to chair Ultimate Products ahead of planned flotation
Ultimate Products has appointed former Poundland boss Jim McCarthy to the role of chairman as the firm gears up for a potential stock market flotation.
The Manchester-based company - which owns the Beldray, Salter and Intempo brands - is working with Shore Capital towards an initial public offering (IPO) which would value the firm at up to £100 million.
Mr McCarthy's appointment is a clear signal that the firm intends to press ahead with the listing, despite putting flotation plans on ice prior to the EU referendum.
The retail veteran headed up Poundland from 2006 until July, before which he was managing director of Sainsbury's convenience store business.
Mr McCarthy said: "I have known about Ultimate Products for several years, during which time it was a supplier to Poundland.
"Ultimate Products has a terrific track record of growth, which has been achieved by building an impressive range of brands, delivering amazing value for money to customers, whenever, wherever and however they want to shop."
The company made the announcement alongside its latest quarterly results, which saw revenue of £33 million in the three months to October 31, up 49% on the same period last year.
In October the group's managing director, Andy Gossage, shrugged off Brexit fears.
"Brexit will be challenging for the UK economy, but we're just getting our heads down and getting on with it," he said.