Family set to make pots of cash as they put together for £250m float of cookware agency they began of their kitchen
Windfall: Former software developer Daniel O’Neill
A Gloucestershire household have turned a mail order cookware agency they began of their storage right into a £250million business.
Former software developer Daniel O’Neill, 56, and his mom Peggy began promoting pots and pans from their cottage in Cheltenham in 1996.
The pair packed and dispatched the primary orders themselves, and fielded buyer calls from their entrance room.
Now, 25 years later, ProCook has 700 workers and 50 retailers in prime areas reminiscent of Tottenham Court Road, London, and Cribbs Causeway in Bristol.
And when the business lists on the London Stock Exchange subsequent month, O’Neill, his spouse Sarah, 56, and brother Mike, 55, will cash in 1 / 4 of their stake, pocketing round £62.5million.
Pro Cook took over £53million of gross sales final year, producing £13million of revenue, and it now plans to open one other 20 shops.
O’Neill mentioned yesterday his mom, a former supervisor of youngsters’s care properties who died in 2006, would have been ‘tremendous proud’.
He added: ‘I hope the float will raise model consciousness. ‘It offers us a way of delight working in a business that’s profitable, it is a good feeling.’
Non-executive chairman Greg Hodder mentioned: ‘What Daniel and the crew have achieved over the past 25 years is exceptional.
‘ProCook is a superb business with sturdy entrepreneurial foundations and a family-run tradition, designing and sourcing stunning, high quality merchandise at nice worth.’