Cheshire beauty company behind space-age LED mask aiming to build on £101m revenues
A Cheshire-based beauty technology specialist behind a popular LED mask has announced it is considering an initial public offering on the Main Market of the London Stock Exchange.
Project Glow Topco Ltd, the ultimate holding company of The Beauty Tech Group Ltd, intends to publish a registration document today. Founded as CurrentBody.com Ltd in 2009 by chief executive Laurence Newman and chief technology officer, Andrew Showman, the group sells exclusively own-brand product under its three distinct and premium brands.
Initially selling third-party at-home beauty devices (AHBDs), the company encompasses three distinct, premium beauty technology brands - CurrentBody Skin, ZIIP Beauty and Tria Laser - under which it develops, manufactures and retails at-home beauty devices (AHBDs) using aesthetic technologies which have been used in professional clinics for decades.
In its latest results, the group reported revenue of £101.1m and earnings before interest, tax, depreciation and amortisation excluding one-off costs and acquisition related expenses of £22.9m.
Laurence Newman, founder and CEO of The Beauty Tech Group, said: "Founded with the ambition to bring clinically-proven, professional-grade beauty technology into everyday use, I am extremely proud of The Beauty Tech Group's achievements to date.
“Since launching our own-brand at-home beauty technology products in 2019, the Group has delivered sustained and profitable growth and established itself as a global leader in the fast growing at-home beauty market. Our three distinct, premium brands, span across the four core technologies used in professional aesthetic clinics, giving us a unique position in the market.
“Moreover, all of our innovative technologies are underpinned by research and rigorous testing, demonstrating our commitment to producing effective and trustworthy products while simultaneously raising the standards across the industry.
"There are significant opportunities ahead for The Beauty Tech Group and an IPO on the London Stock Exchange will provide us with access to capital, and enable us to raise awareness and incentivise staff to take the business to the next level.
“Our journey to date has only been made possible due to the team's hard work and dedication, and I would also like to take this opportunity to welcome an experienced bench of Non-Executive Directors to our Board who collectively bring a wealth of consumer and capital markets experience and knowledge.
“I am very excited to embark on this next chapter as we look to build on our position as a trusted and recognised leader in the market."
Chair Elaine O'Donnell added: "The Beauty Tech Group has established itself as a global leader in the at-home beauty market and I am thrilled to be joining the board at this exciting juncture in the group's growth journey.
“Considering that home-use beauty technology is a fast-growing category in the beauty sector, a float on the London Stock Exchange will facilitate the Group's ambition to capitalise on the significant opportunities ahead.
"I have every confidence that a London-listing, coupled with a solid go-to market strategy, will support The Beauty Tech Group's ambition to grow its distribution while continuing to deliver the next generation of beauty technology products through ongoing research and development."
Rothschild & Co and Berenberg are acting as joint financial adviser.