
London Stock Exchange welcomes Likewise Group plc to AIM
Likewise is a UK distributor of both domestic and commercial floorcoverings and matting. It is challenging the established competitors in the industry by providing access to a wide choice of flooring from multiple manufacturers across the globe at competitive prices for its customers. The Directors believe they have an opportunity to build a business of national scale and over time become a strong alternative to the current larger industry competitors within the sector. The Group has a history of delivering organic growth as well as acquiring and successfully integrating complementary businesses which expand the Group’s product offering and/or geographic presence.
Likewise’s logistics network has significantly improved in 2021 with the opening of both the Morley distribution centre and the Birmingham regional distribution hub to augment regional centres in Glasgow, Newcastle, Manchester, Sudbury and Peckham. The Group has recently signed a leasehold agreement for Unit 4, Radial Park, at Birmingham Business Park which sits on the junction of the M6 and M42 and will accelerate growth in the Midlands and South West. Currently, the Group has a presence in the majority of the UK and supplies over 2,600 customers, including large UK multi-site retailers. The Group currently has c.240 employees.
Notwithstanding the fact Likewise only started trading in 2018, it has recently won the Interiors Monthly 2021 award for best Flooring Distributor in the UK, as voted on by retailers who are readers of Interiors Monthly.
To continue its growth, the Group has raised gross proceeds of £10.0 million, which will be used to provide working capital for growth, settle deferred consideration, provide additional resources should a strategic acquisition be identified and settle costs associated with the placing. The Directors believe that admission to AIM will, inter alia, further enhance the Group’s public profile, increase the liquidity of its shares and improve the attractiveness of share-based employee incentivisation programmes and equity consideration on transactions.
Tony Brewer, Chief Executive of Likewise, commented: “Likewise has developed rapidly during the last two years and the foundations are now in place to build a substantial business in the UK flooring industry, maximising our relationship with our manufacturing partners, along with flooring retailers and contractors.
“The Group has attracted excellent management, sales representatives and staff and is now producing consistent profitability which, alongside control of working capital, has resulted in the Company now being cash generative. “The Likewise trade brand is becoming well established in many parts of the UK through the effort and customer relationships of our excellent people. There are huge opportunities to develop this further in existing and additional geographical areas.
“We have long established supplier relationships and a global supply base of 79 suppliers in 19 countries, including leading manufacturers in the UK, Europe, Turkey, India and the Far East.
“Our listing on AIM will provide us with the potential to drive this growth and enhance Likewise’s position as a market leading provider of floor coverings.”
Advisers to the IPO include:
- Zeus Capital Limited – Nominated Adviser and Joint Broker
- Ravenscroft Consultancy & Listing Services Limited – Joint Broker
- Gateley plc – Legal Adviser to Likewise Group plc
- DWF Group plc – Legal Adviser to Nominated Adviser and Joint Brokers
- Crowe U.K. LLP – Reporting Accountant and Auditor
- Novella Communications – Financial Public Relations Adviser