Princes Group, a major food and drink company founded in Liverpool in 1880, has announced its intention to float on the main market of the London Stock Exchange. The company, known for brands like Princes tuna and Branston, reported pro forma revenues of £2.1 billion for the 2024 financial year.
This move towards an Initial Public Offering (IPO) follows a period of significant growth and strategic acquisitions, including the recent purchase of Liverpool's iconic Royal Liver Building. The company remains a significant local employer, with over 400 staff based in the city.
Key Takeaways
- Princes Group plans to list on the London Stock Exchange, making its shares available to public investors.
- The company generated £2.1 billion in pro forma revenue and £122.3 million in adjusted earnings in 2024.
- Founded in Liverpool in 1880, the company maintains a strong local presence with over 400 employees.
- Princes recently acquired the Royal Liver Building for £60 million, where it has been a tenant since 1982.
A Major Step Towards Public Trading
Princes Group has formally declared its 'Intention to Float' (ITF), the first public step a private company takes when planning an Initial Public Offering (IPO). This process will allow the company to sell shares on a major stock exchange, raising capital and providing an opportunity for new investors to own a stake in the business.
The decision to go public is supported by strong financial performance. According to its announcement, the Liverpool-based firm achieved pro forma revenue of £2.1 billion in the 2024 fiscal year. During the same period, its pro forma adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) reached £122.3 million.
What is an IPO?
An Initial Public Offering (IPO) is the process by which a private company becomes a publicly traded company. It involves offering shares of the company to the public for the first time. This allows the company to raise capital from public investors to fund expansion, pay off debt, or allow early investors to cash out.
From Liverpool Roots to Global Presence
The company's history in Liverpool stretches back to its founding in 1880. While it has grown into an international operation active in over 20 countries, Princes Group has maintained its deep connection to the city. It currently employs over 400 people locally, reinforcing its status as a key business in the Merseyside region.
This long-standing commitment to its home city is a central part of the company's identity. The headquarters, located in the Liver Building, serves as the hub for its expansive global network.
Princes Group by the Numbers
- Founded: 1880 in Liverpool
- 2024 Revenue: £2.1 billion
- 2024 Adjusted EBITDA: £122.3 million
- Liverpool Employees: Over 400
- Global Reach: Operates in more than 20 countries
Strategic Growth and Brand Portfolio
Chief Executive Simon Harrison attributed the company's success to a combination of internal growth and strategic acquisitions. This approach has allowed Princes to build a diverse and powerful portfolio of household brands.
“Whilst we are renowned for our iconic Princes tuna, through a combination of organic growth and focused M&A, we have built an international £2 billion food and drink portfolio,” Harrison stated.
The group's portfolio includes some of the UK's most recognised food and drink brands. These well-known names have contributed to its substantial market presence and consistent revenue generation.
Key Brands Under Princes Group:
- Princes: Famous for its canned fish, particularly tuna.
- Branston: A staple in UK cupboards, known for its pickle and baked beans.
- Flora: A popular brand of plant-based spreads.
- Napolina: A leading brand of Italian cooking ingredients, including pasta and sauces.
Deepening Ties with Liverpool: The Royal Liver Building
In a significant move that underscored its commitment to Liverpool, Princes Group acquired the Royal Liver Building in July for a reported £60 million. The company had been a tenant in the landmark building since 1982, making the purchase a natural progression of its long history there.
Following the acquisition, Princes confirmed that all existing operations and tenant arrangements within the building would continue without interruption. Colleagues and partners were assured that no immediate changes were planned for the site.
The company intends to expand its use of the building beyond a corporate headquarters. Future plans include developing it as a multi-purpose venue for events, collaboration, and public engagement, further integrating the iconic structure into the city's commercial and cultural life.