SUCCESSFUL COOKWARE RETAILER LOOKS TO EXTERNAL INVESTMENT FOR GROWTH

Not all retail is struggling. The founder of ProCook, the successful Gloucesterheadquartered online and high street store cookware business, is on the hunt for suitable investors to support future growth plans. The move follows a 40 per cent uplift on sales for the 12 weeks to January 3, compared to the same period last year

ProCook is eyeing up opportunities for expansion in the UK and Europe, and founder and owner Daniel O’Neill has now gone public in his hunt for investment partners.

He’s got a great retail success story to tell. With an expected annual turnover of more than £50 million, profits are set to top £10 million this financial year.

Despite most of its near-50 stores being closed for the November and December lockdowns, total company sales reached £21 million in the run-up to and including Christmas. Sales were driven by increased consumer demand for kitchenware together with significant growth in the retailer’s newly-expanded tableware category.

We asked Daniel O’Neill, a former software developer who moved into retail with his family in 1995 with the launch of ProCook, why he’s looking for external investment.

“We have set some ambitious goals for growth that will require investment to achieve them. In the past year we’ve recruited many specialists into our head office function to take us to the next stage, but we need to maintain momentum as we transition. As we grow it’s vital that we have the right infrastructure and technologies to cope with demand, and further investment will enable us to remain robust.”

“At ProCook we want to give people the best tools to deliver great cooking results in their own home. We’re experts in cookware and kitchenware and now we want to show our customers how to turn great ingredients into delicious meals, so launching a cookery school is the natural next step.

“The idea is in its infancy, but we expect to have the school up and running by the end of the year (Covid-19 permitting). It will probably be launched with another larger format store so watch this space.”

Optimism and ambition are two qualities Daniel has in abundance. In 2019, as many retail brands were falling by the wayside, ProCook bought kitchen retailer Steamer Trading out of administration. “We saw a great opportunity to grow our ranges, especially tableware, and to learn from an existing business. We also saw it as a route to market on the high street and it’s been a great success in this area.”

Daniel sees huge potential for ProCook. “We’re a decent size but there is a large portion of the market that is up for grabs and as a brand on the up we’re in a strong position to take some of that trade.

“As a multi-channel retailer we’re in an agile position which is not the case for some of our competitors and this is very important as we can react quickly to outside challenges. Over the past year this has been a huge benefit and it bears out in the numbers as we’ve grown our UK market share in all four of our core categories (cookware, kitchen knives, tableware and kitchen accessories).”