Victorian Plumbing (VIC) is a UK-based, online-only retailer of bathroom products. Founded in 2000, it has since grown to become a leader in its field.

Victorian Plumbing boasts a strong balance sheet with low debt, which, combined with good margins, means it has the capacity to focus on optimisation, especially considering its recent M&A activity. Market indicators in the UK for home improvement, including consumer spending and home ownership, remain steady or are gradually increasing, despite a challenging macroeconomic climate.

Despite this, Victorian Plumbing has remained relatively overlooked by investors, remaining undervalued. We believe that, in the medium term, Victorian Plumbing is well-positioned to weather current macroeconomic headwinds and provide solid, reliable returns for its investors.