Likewise Group plc, the AIM-listed residential and commercial floor distributor, has agreed to pay a maximum of £30 million for Kent-based Valley Wholesale Carpets.

The deal increases Likewise’s share of the UK flooring market to approximately 5.6% of the £1.9 billion UK industry.

Likewise, which has its UK head office at Birmingham Business Park, is paying an initial £24 million in cash, a deferred consideration of £1 million and the issue of five million ordinary shares in Likewise.

Tony Brewer, chief executive of Likewise Group plc, 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 William Armes Ltd, Bruce Starke & Co Ltd, Lewis Abbott Ltd, Heatseam Ltd, H&V Carpets BVBA and A&A Ltd, following rapid growth in less than three years since the business was launched.

The purchase of Valley Wholesale Carpets Ltd will increase Likewise’s presence, particularly in the south east of England and the Midlands.

“The acquisition is expected to be immediately earnings enhancing, and is expected to deliver approximately 25% earnings enhancement during its first full year of ownership.”

Valley Wholesale Carpets Ltd generated audited revenue of £47.3 million in the year ending 30 September 2021, up 32% on the previous financial year, and EBITDA of circa £5.7 million, up around 89%.

Ends (254 words)

Issued on behalf of Likewise Group plc, Unit 4, Radial Park, Birmingham Business Park, Solihull Parkway, Birmingham B37 7YN

For further information, please contact:

Andy Skinner, at ASAP PR – 07990 978257

Editors’ Notes

 Likewise Group plc is a distributor of floorcoverings and mattings established with the intention of consolidating the domestic and commercial floorcoverings markets to become one of the UK’s largest distributors in this sector. The UK floor and wall covering market is worth circa £3.2 billion and is expected to increase at a compound annual growth rate of 2.1% from 2019 to 2024 to reach £3.5 billion, split between the residential, commercial, public and industrial markets. Likewise Group’s strategy is to focus on the residential and commercial sectors.

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