Woodford-backed mattress company plans IPO

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Woodford-backed online mattress retailer Eve Sleep has announced plans to IPO this year.

The company commented on what valuation it is seeking but is thought to be up to £200m, the Financial Times reports.

The Aim listing would be the first retail IPO this year

Woodford Investment Management was among a group of investors involved in £13.9m fundraising for the group last year.

The company, which launched its online store in 2015, already trades in 10 countries, selling memory foam mattresses for upwards of £349, as well as bedding such as pillows, duvets and sheets.

Woodford head of investment communications Mitchell Fraser-Jones has previously said they favour the company’s “jargon-free marketing and simplified product offering” and its experienced management team, which includes Capita’s ex-chief executive and current Purplebricks chairman Paul Pindar.

“Eve Sleep is establishing its business model in stark contrast to the legacy, branch-based sales infrastructure of the incumbent retailers, which is reliant on developing an ever more complicated range of product lines,” Fraser-Jones said in a blog post in October last year just after the fundraising round.

“It is very well positioned to disrupt the mattress market and with such an experienced management team, we expect the business to capture an increasing share of what is already a large market.”