Former Poundland CEO Jim McCarthy has been appointed by Ultimate Products as chairman to help lead the consumer products group through a £100m IPO.

Ultimate Products, which is behind brands such as Beldray, Salter and Intempo, produces consumer goods in six categories: small domestic appliances, housewares, audio, laundry, heating and cooling, and luggage.

It supplies more than 300 retailers across 38 countries, with customers including B&M, Argos, Robert Dyas and all four major supermarkets. It has appointed Shore Capital to prepare for a potential IPO with a valuation of around £100m.

Ultimate Products revenues in the first quarter were up 49% to £33m for the three months to the end of October, with pre-tax profits up 55% year-on-year to £3.4m.

McCarthy, who has more than 40 years’ experience in the fmcg industry, left Poundland after 10 years in charge in July 2016.

While at Poundland, he helped revenues balloon from £300m to more than £1bn as the store estate expanded to close to 1,000 shops. McCarthy also oversaw the discount chain’s £750m flotation in March 2014, with shares rising to as high as 421p after the acquisition of 99p Stores in February 2015. However, the troubled deal caused severe problems for Poundland and eventually saw Steinhoff snap up the chain for 227p a share in September 2016.

Ultimate Products CEO Simon Showman said: “I’m delighted Jim is joining us for the next chapter in our growth. He brings a wealth of retail knowledge and experience gleaned over many years working at the very top of some of our key customers.”

McCarthy added: “I have known about Ultimate Products for several years, during which time it was a supplier to Poundland.

“Simon is a highly creative, highly driven entrepreneur and has the added benefit of being extremely personable. Ultimate Products has a terrific track record of growth which has been achieved by building an impressive range of brands, delivering amazing value for money to customers, whenever, wherever and however they want to shop.”

Prior to Poundland, McCarthy was MD of Sainsbury’s convenience store business and, earlier in his career, was CEO at listed retailer T&S Stores. Under its One Stop fascia, T&S Stores became a leading specialist neighbourhood retailer in the UK and was sold to Tesco in 2003.

McCarthy is also currently chairman of AIM-listed agricultural supplies specialist Wynnstay Group.

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