Hardware company Jamaica Plumbing Supplies Limited is reportedly considering a market approach, likely with a public offering of shares.
The 29-year-old company recently retained the services of investment bank Mayberry Investments Limited as financial adviser.
Jamaica Plumbing’s operations manager, Brenton Neil, is coy about the details, but says they’re taking advice. But if the company is listed, it will likely be through the junior market and would be the first plumbing operation to do so.
“We are considering all options. We went to Mayberry for the simple reason that they have the expertise to grow the business and let our money work in our best interests. There are quite a few options on the table ahead of us and we’ll look at them, and at the end of this process we’ll see where it takes us,” Brenton told the financial gleaner.
Winston and Andrea Neil started Jamaica Plumbing Supplies in 1988. The business has grown from a three-man team to a workforce of 27 today. The company is now led by Winston, Managing Director; Andrea, administrative manager; and Brenton, who handles business operations.
Company records show that the husband and wife team has a 60-40 split in the company.
Jamaica Plumbing offers a range of plumbing fixtures and fittings from pipe washers to whirlpool tubs, and caters to individuals as well as contractors on small to large scale projects.
The company has two branches. Brenton says the original Molynes Road facility has had a companion store since November 2016.
“We recently opened a branch at Sovereign Village Plaza in the Portmore Pines area. There is still plenty of room for growth – the place is still new and Portmore is still a growing community,” Brenton said.
“It’s actually doing well enough to be profitable, so I wouldn’t say it’s increasing our overhead. Certainly those costs have increased, but sales have also increased, so we don’t see the move as a burden on us. company,” he said.
The business ultimately aims to expand nationally, with Portmore as the starting point for this process.
“The long term plan is to better serve Jamaica as a whole, not just Kingston or Portmore, but to reach out to everyone in Jamaica and make them fully understand how we can help them with plumbing solutions. “Brenton said.
“We don’t want to say much, but we have quite a few innovations that we will be bringing to market. We have very good relationships with some of our suppliers and are looking to build stronger relationships with new ones. ” he said.
Winston Neil, himself a plumber, started the business three decades ago because he needed supplies to get some work done. The company’s reputation was built on its plumbing services, but it is gradually moving away from that side of the business.
“For a few years Dad hasn’t focused on the service side of the business. I can’t put an actual year on that, but what he’s doing now – because he loves it so much – it’s is consulting, and if there’s any heavy work he can do, he’ll do it himself under the company name,” Brenton said.
Brenton says Jamaica Plumbing wants to get to a stage where they become a household name.
Part of this strategy includes personalized service for customers.
“When you come to us, even if you come with your plumber, there will be a third person to guide you on the right path,” Brenton said.
“The truth is that Jamaican businesses can do better and they should offer that to customers. We don’t just sell things, we give advice. We look at their situation and look at the possibilities and give them a solution which suits them.”
Pressed again on whether the company will hit the stock market, and if so when, Brenton says he’ll leave those decisions to the experts.
“We would love to take a step now, but we leave it to our advisers because timing is everything and we will be guided by what Mayberry says,” he said.