Mountain Warehouse is set to bring forward plans for US expansion as it prepares for stock market flotation.
The outdoor gear and equipment retailer currently owns 206 stores in Europe, including 191 in the UK, but has been slowly opening new outlets in Canada and the US. The chain now owns 23 outlets in North America, with its overseas revenue accounting for 20% of its business.
“We wanted to do it a bit below the radar because we didn‘t want to join the graveyard of British companies that go over there only to come running back,” Founder and CEO of Mountain Warehouse Mark Neale told The Telegraph.
“However, we‘ve now made more money in the US than Tesco ever did. I think overseas sales will soon account for half of the business.”
Neale stated that he believes the business can open another 30 shops in North America and Germany over the next few years, and that it can raise its UK store portfolio to 300.
Mountain Warehouse spent a few years of being run by private equity firms, before being bought back by Neale in 2013. Neale now owns 85% of the company and is, along with his 20 senior managers, are expected to make millions from the company stock market flotation.
The flotation is expected not only to fuel the company‘s overseas expansion, but will also aid the company in reducing its £75m in debts.