Victorian Plumbing Group plc (“Victorian Plumbing”) is the UK market leader in bathroom furniture and accessories with 21.5% market share in 2024. Offering an extensive range of over 150 brands and 36,000 products across all price points, the group sells online to both consumers and trade customers (24% of FY25 revenues). Having successfully extended into the adjacent category of tiles and flooring, the group entered the complementary homewares and furniture category in 2025 under the MFI brand.

25 Feb 2026

CEO succession, acquisition and excellent trading

Victorian Plumbing has announced a change of CEO, a bolt-on acquisition and a very strong trading update. Revenue has risen an impressive 9% for the first 21 weeks of FY26E with profit margins maintained. As such, management is confident of meeting FY26E expectations, and we anticipate a smooth handover to Stephnie Judge as she steps up to become CEO.

The group has completed the acquisition of Sovereign Transport Services Limited and Sovereign Commercials Limited for £3.4m cash (mostly). Victorian Plumbing has worked with the family-run business for two decades, and by acquiring the business has gained greater control of its end-to-end value chain.

Although the stock has rallied 20% in the past few weeks, trading on c.8x cal 2027 EV/EBITDA we see potential upside on a rerating as our Fair Value is 110p per share, equating to 1.1x EV / Revenues, c.10x EV/EBITDA and a c.5% FCF yield (cal 2027).

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