Winning Group To Float?
“Sydney’s Winning family is closely examining the option of a partial public float of the Winning Group”, reports Afr.
The report suggests Citi, JPMorgan and Rothschild are advising the family on expansion options, which includes a partial float.
This is not the first time such speculation has done the round this year, which Appliances Online CEO John Winning scoffed at, in a blog.
“No, we have not appointed Macquarie Capital, Goldman Sachs or any other brokers for IPO.
But he added,”like any growing business, we examine our options from time to time however speculation that we have made a decision to IPO is incorrect.”
The company, which has had a retail presence since 1906 when Winning Appliances was founded in Sydney, also has several high profile online retail assets including Winnings Online, Appliances Online, Big Brown Box as well as Handy Crew, set up in the early years of the 21st century.
Appliances Online recently kicked off a national TV advertising campaign and also expanded into Western Australia, acquiring Rick Hart’s Kitchen Headquarters, which includes three stores in Osborne Park, O’Connor and Joondalup, which will be rebranded as Winning showrooms.
The deal means the Winning Group now has 12 showrooms throughout NSW, Qld and WA.
In 2012-13 financial year, the Group recorded sales in excess of $350 million with 25% year-on-year growth – its biggest year on record, and the figure is said to have increased to $400m for 2013-14 year with its online division driving revenues.