Online retailer appoints Poundland chairman to lead board
The online retailer notonthehighstreet.com has appointed Poundland chairman Darren Shapland to lead its board in a move that potentially paves the way for an IPO.
Mr Shapland has been named as the new chairman of the British company just weeks after Simon Belsham was poached from his position as head of Tesco’s online operations to become chief executive.
Notonthehighstreet.com was founded in 2006 by British entrepreneurs Holly Tucker and Sophie Cornish.
It offers a platform for designers to sell their products directly to consumers.
The appointment of a high-profile chairman by a private company is often a precursor to a float on the stock market, although a spokesman for notonthehighstreet.com insisted there “are no current plans to seek an IPO”.
Mr Shapland is the chairman of Topps Tiles and Maplin Electronics as well as Poundland. He also serves on the board of Ladbrokes and Wolseley.
Prior to that he was the chief executive of Carpetright, the flooring retailer, and was the finance director of J Sainsbury.
Mr Belsham said: “This is an exciting day for us. Darren’s significant track record and CV speak for themselves and we look forward to welcoming him to the board of notonthehighstreet.com.
“His career experience and passion for retail will be beneficial to our business and the next phase in our ambitious growth plans.”
Notonthehighstreet.com is owned by a collection of venture capital firms including Venrex Investment Management, Index Ventures, and Fidelity Growth Partners.
It has grown from revenue of £134,000 in its first year to £127m in 2014.
If the company floated it would follow fellow British online retailers Asos, AO.com and Just Eat in listing on the stock market.
The London Stock Exchange is trying to attract fast-growing technology groups by launching a high growth segment that allows companies to list with a free float of 10pc.