Vardis Proud To Support Victoria Plum & TPG in Appointing Paul McClenaghan as CEO
Victoria Plum, the leading online Bathroom Retailer, has appointed of Paul McClenaghan as Chief Executive Officer.
Paul McClenaghan was CEO, from 2013 of JTF Wholesale is a Private Equity backed warehouse shopping club retailing a wide range of household and seasonal products operating out of 12 superstores within the UK, the business employs c 700 people and carries 32,000 items. Earlier in his career he was Commercial Director, joint Managing Director, Trading Director for Halfords.
Jason Walker, has stepped down from the business. Jason, who grew the Hull-based company into one of the largest online and mail order bathrooms in the UK. A Victoria Plum spokesman said: “(Mr McClenaghan) brings over 25 years of experience in retail, including as CEO at JTF Wholesale and in roles at Halfords PLC and Dixons Group.” He added: “Jason remains an active board member and continues to advise the company.”
Victoria Plum is the most successful specialist retailer of bathrooms and bathroom accessories in the UK and, given recent performance, is on track to be the UK's leading on line bathroom retailer. The Business is a pure play online retailer with no bricks and mortar retail footprint. Victoria Plumb was launched in 1999 by brothers Sean and Jason Walker and has grown rapidly as more customers switch to online shopping. In April 2014 Victoria Plumb signed a £200m deal to sell a majority stake in the business to US private equity firm TPG. Turnover grew from £8m in 2010 to £72m last year.
TPG is one of the largest global alternative investment firms in the world, with total assets under management (“AUM”) of $74.3 billion as of June 30, 2015. The Firm operates a global alternative investment platform that encompasses private equity, private credit, real estate, and public equity. While private equity continues to be TPG’s largest asset class, representing approximately 80% of AUM, its development of complementary investing businesses allows a further extension of its capability set.