Likewise pushing ahead with senior appointments to drive expansion programme
AIM-listed flooring distribution company Likewise Group plc has announced new appointments and property openings to support further growth on the completion of its acquisition of Valley Wholesale Carpets Ltd.
Well known industry professional David Stottor is joining Likewise Group as managing director of Valley Wholesale on Monday 17 January, and he will lead the business with Simon Miller, the existing operations director Derby.
Tony Brewer, chief executive of Likewise Group plc, said: “David and Simon will work with the current management and staff of Valley to further develop the business.
“It is also particularly encouraging that David Mitchell, who founded Valley in 1982, has offered his experience and expertise to work with David and Simon to assist in a smooth handover for the foreseeable future.”
He said that Valley will continue to operate autonomously from its existing distribution centres in Erith and Derby.
“It is also our intention to expand the geographical reach of Valley from the currently unused Newport Distribution Centre into South West England and South Wales.
“The acquisition of Valley is a major step in the development of Likewise. Our intention is to accelerate the product, sales and marketing of the enlarged Likewise Group to establish solid foundations to secure the development for future years.”
He added that Likewise has also entered into a new lease to relocate Likewise North East into larger premises in Newcastle.
In addition, Likewise has reached agreement in principle to secure the facility adjacent to provide around 50% more capacity in Manchester for A&A, while the Birmingham centre is on schedule to be operational at the end of January, creating significant extra order processing capability.
Mr Brewer pointed out: “Notwithstanding other opportunities before the group, Likewise is well placed with the new logistics infrastructure to achieve its medium term objectives.
“The positive progress of Likewise in the last 18 months has resulted in sales revenue increasing by 29% from £47.3 million in 2020 to £61 million in 2021 and, more importantly, profitability in line with market expectations.
“This combined with the acquisition of Valley provides excellent opportunities for all our stakeholders; suppliers, customers, management, staff and shareholders.”
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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
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.