Likewise expands with South East acquisition in £30m deal

A floor coverings firm has acquired a South East rival in a deal worth up to £30 million.

Likewise, which is headquartered on Birmingham Business Park in Solihull, has bought Kent outfit Valley Wholesale Carpets.

Likewise is AIM-listed and specialises in the distribution of residential and commercial floor coverings.

The company said the deal would increase its share of the UK flooring market to almost six per cent of a sector which it says is a £1.9 billion UK industry.

Likewise is paying an initial £24 million in cash, a deferred consideration of £1 million and the issue of five million ordinary shares in it.

Birmingham BusinessLive Awards 2022

The Birmingham BusinessLive Awards in association with Birmingham Post 2022 are open for entries.

The annual ceremony will celebrate the city’s finest businesses, individuals and organisations and crown our overall Company of the Year – enter now here.

The deadline for submissions is Monday January 17 and the ceremony will be held at the ICC in Birmingham on Friday March 18.

If you have any questions or to enquire about sponsorship please email paige.jackson@reachplc.com and follow the hashtag #BBLA for updates on social media.

Chief executive Tony Brewer said: “The Likewise team has made significant progress over the last 18 months and the acquisition of Valley Wholesale Carpets is a major additional step forward in the aspirations of Likewise to develop a meaningful flooring distribution business throughout the UK.”

Valley Wholesale Carpets will operate as an autonomous business within the Likewise Group which now includes a host of different names including Heatseam and H&V Carpets, following rapid growth since it was launched less than three years ago.

Valley Wholesale Carpets generated audited revenue of £47.3 million in the year to October 2021, up 32 per cent on the previous financial year, and EBITDA of circa £5.7 million, up around 89 per cent.

Sign up for your free West Midlands newsletter and follow us on LinkedIn

Email newsletters

BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.

Click through here to sign up for our daily email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.

We will also send out ‘Breaking News’ emails for any stories which must be seen right away.

LinkedIn

For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here.

BusinessLive – West Midlands