Likewise looks to raise £10m
Flooring distributor Likewise is looking to raise £10m from its switch to the AIM stock market.
A number of directors and senior managers will invest £1m, with the group expected to be valued at about £50m when the move is completed.
Likewise says it has generated sales of more than £250,000 a day during May and June and trading has been ahead of budget during 2021.
‘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,’ says Tony Brewer, Likewise coe.
‘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 floorcoverings.’