Ambitious Beauty Tech Group is working with investment bank Berenberg on plans to float the business on the main London market later this year.

The owner of CurrentBody, ZIIP Beauty and Tria Laser brands is plotting a £350 million IPO, reported Sky News. However details, including the size of any primary share sale, have yet to be finalised, insiders said, with the £350 million figure an estimate.

Manchester-based The Beauty Tech Group, which is run by co-founder and chief executive Laurence Newman, is owned by its management team including fellow co-founder and chief technology officer Andrew Showman and finance chief Sam Glynn together with “a group of high net worth individuals”, the reports said.

The group saw a major increase in revenue last year, with sales passing the £100 million for the first time, up from £80m in 2023. Its revenues comprise just under a quarter from the UK and 77% internationally. Since the beginning of this year, it has been exclusively focused on own-brand sales.

The report says the beauty technology market is projected to grow from £2.7 billion in global sales in 2023 at a compound annual growth rate of up to 17% until 2026, according to PricewaterhouseCoopers.

In a statement to Sky News, Newman said: “2024 was another significant year financially and strategically for the group. We delivered revenue of over £100 million and successfully acquired Tria Laser while also completing the integration of ZIIP Beauty.

He added: “These acquisitions have diversified and increased the group’s product offering across the rapidly growing beauty tech market and, in line with our strategic ambitions, the group is now focused exclusively on own-brand products. I am confident that 2025 will be another record year.”

The business, which describes itself as a global industry leader in home-use beauty technology, is focused on products which use LED, radio frequency, microcurrent and laser treatments. It counts Harrods among its retail partners, while its products are also sold on more than 20 direct-to-consumer websites around the world.