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1 Apr 2026 07:00
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 Stephnie Judge, Chief Executive Officer Daniel Barton, Chief Financial Officer
| via FTI Consulting +44 20 3727 1000 |
FTI Consulting (Financial PR) Alex Beagley, Harriet Jackson, Amy Goldup, Harleena Chana
Houlihan Lokey UK Limited (Nominated Adviser) Sam Fuller, Tim Richardson | +44 20 3727 1000 VictorianPlumbing@fticonsulting.com
+44 20 7839 3355 |
Barclays Bank PLC (Joint Broker) Nicola Tennent, Stuart Muress |
+44 20 7623 2323 |
Canaccord Genuity Limited (Joint Broker) Bobbie Hilliam, Elizabeth Halley-Stott |
+44 20 7597 5970
|
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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