REG - Victorian Plumbing - Value Creation Plan

Victorian PlumbingAnnouncement

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RNS Number : 9195Y  Victorian Plumbing Group PLC  01 April 2026

1 April 2026

 

Victorian Plumbing Group plc

("Victorian Plumbing", or the "Group")

 

Value Creation Plan

 

Victorian Plumbing (AIM: VIC), the UK's leading bathroom retailer, announces
the introduction of the Victorian Plumbing Group plc Value Creation Plan
("VCP"), designed to align executive leadership rewards directly with the
delivery of sustained shareholder value over the Group's next phase of
strategic growth.

 

Background and rationale

 

As announced on 25 February 2026 alongside the CEO Succession plan, the
Remuneration Committee has undertaken a comprehensive review of the
incentivisation framework for the Group's executive leadership team ("ELT"),
which includes the two Executive Directors and six other members of senior
management. The Remuneration Committee believes it is critical that the ELT
remains optimised and closely aligned with the Group's long-term strategy to
drive sustained, profitable growth and shareholder value. This strategy
includes leveraging the recent investment in warehouse infrastructure,
accelerating the shift from offline to online, expanding the Group's trade and
expansion categories proposition and delivering the success of MFI.

 

On this basis, the Remuneration Committee has approved the introduction of the
VCP as a new long-term incentive arrangement to complement the Group's
existing Long Term Incentive Plan ("LTIP") and Deferred Bonus Plan ("DBP").

 

The VCP is a one-off award, designed to incentivise the pursuit of strategic
growth opportunities over the next four financial years, support the Board's
succession planning objectives, and provide a strong retention mechanism for
the ELT beyond that already provided by annual LTIP and DBP awards.

 

A revised Directors' Remuneration Policy, to include details of the VCP, will
be set out in the Directors' Remuneration Report for FY26.

 

Structure of the VCP

 

The VCP has been designed to allow participants to share in a proportion of
shareholder value created above clearly defined and stretching share price
hurdles. Participation is limited to the ELT.

 

Under the VCP:

·      Awards will be assessed based on the Group's share price measured
over a suitable averaging period.

·      Where the share price over this averaging period is between
£2.25 and £2.50, participants will be entitled, in aggregate, to receive 5%
of the value created above the £2.25 hurdle. Where the share price over this
averaging period exceeds £2.50, participants will also be entitled, in
aggregate, to receive 10% of the value created above this higher hurdle
(together, the "VCP Pool").

·      If the share price over this averaging period does not exceed
£2.25, awards will lapse in full.

 

The Remuneration Committee has determined that Stephnie Judge, Chief Executive
Officer, and Daniel Barton, Chief Financial Officer, will be entitled to
receive 25% and 20% of the overall VCP Pool respectively, with the balance
being allocated between the remaining six members of the ELT.

 

Recognising his material shareholding in the Group and his transition to a
non-executive Founder Director role, Mark Radcliffe will not participate in
the VCP, nor will he be granted any further awards under the LTIP following
the grant of the FY26 LTIP award, announced separately today.

 

The VCP awards will be subject to malus and clawback provisions, ensuring
alignment with long‑term performance, risk management and shareholder
outcomes and, in line with Investment Association guidelines, will be operated
within the Group's existing dilution limits.

 

The Board believes the VCP provides a clear, disciplined and transparent
framework to incentivise long‑term value creation and reinforce alignment
between senior leadership and shareholders.

 

The table below highlights the potential future value of the VCP Pool based on
assumptions as to share price milestones achieved over the averaging period:

 

 Share price (£)                                            2.25   2.50   2.75   3.00
 Implied market capitalisation (£m)(1)                      739.7  821.9  904.1  986.3
 Shareholder value created (£m)(2)                          489.9  572.1  654.3  736.4
 Value of VCP Pool (£m)                                     0.0    4.1    12.3   20.5
 Dilution resulting from issue of new shares under the VCP  0.00%  0.50%  1.35%  2.04%

 

 

(1.      ) Based on a share capital of 328,769,068 as at the date of
grant of the VCP award.

(2.      ) Based on a share price of £0.76 at 30 September 2025.

 

 

-ENDS-

 

For further information, please contact:

 Victorian Plumbing Group plc                                via FTI Consulting

 Stephnie Judge, Chief Executive Officer                     +44 20 3727 1000

 Daniel Barton, Chief Financial Officer

 FTI Consulting (Financial PR)                               +44 20 3727 1000

 Alex Beagley, Harriet Jackson, Amy Goldup, Harleena Chana   VictorianPlumbing@fticonsulting.com

                                                           (mailto:VictorianPlumbing@fticonsulting.com)

 Houlihan Lokey UK Limited (Nominated Adviser)

                                                           +44 20 7839 3355
 Sam Fuller, Tim Richardson

 Barclays Bank PLC (Joint Broker)                            +44 20 7623 2323

 Nicola Tennent, Stuart Muress

 Canaccord Genuity Limited (Joint Broker)                    +44 20 7597 5970

 Bobbie Hilliam, Elizabeth Halley-Stott

 

About Victorian Plumbing Group

Victorian Plumbing is the UK's leading bathroom retailer, offering an
unrivalled high-quality product range and excellent stock availability to B2C
and trade customers.

 

Victorian Plumbing offers its customers a one-stop shop solution for the
entire bathroom with own and third party brands across a wide spectrum of
price points. Victorian Plumbing product design and supply chain strengths are
complemented by its creative and brand-focused marketing strategy to drive
significant and growing traffic to its platforms.

 

Launched in 2025, the Group also includes MFI, an online-only UK retailer,
offering a growing range of stylish homewares and furniture.

 

Headquartered in the North West, Victorian Plumbing and MFI employ staff
across several locations in the UK.

 

 

 

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