Likewise rolls out fifth deal as it builds UK and European business
Likewise, the UK distributor of floor coverings launched in 2018, has made its fifth acquisition with the purchase of H&V Carpets BVBA (H&V) in Belgium.
H&V is a supplier of full rolls of carpet to flooring retailers in the UK and Germany. This latest acquisition gives Likewise annualised sales revenue in excess of £35 million, up from £3 million 12 months ago.
Tony Brewer, chief executive officer of Likewise Group, said: “H&V will continue to operate from its facility in Meulebeke in Belgium with the stockholding, logistics and delivery to customers being enhanced through utilising the existing Likewise UK structure in Dewsbury, Sudbury, Glasgow, Daventry and Peckham.
“The acquisition of H&V provides an additional dimension to our UK activities and a platform to develop a business in continental Europe from the facility in Meulebeke.
“We welcome general manager Jonny Peeters, sales manager Paul Hugo and their sales team. Together we can maximise the many opportunities before us.”
H&V sales in the year ending December 2018 were €7.07 million. The acquisition includes stock of €1.47 million and trade creditors to the corresponding value.
Likewise has acquired the entire issued share capital of H&V for one euro in addition to a ten year warrant for one million Likewise shares at 30p per share.
The company, launched in 2018 by former Headlam directors Tony Brewer and Andrew Simpson, includes chief financial officer Roy Povey and non-executive chairman Paul Bassi.
Since its launch, Likewise has acquired William Armes Ltd, Bruce Starke & Co Ltd, Lewis Abbott Ltd and Heatseam.
The business listed on The International Stock Exchange in Guernsey in January 2019.
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Prepared and issued by Andy Skinner, ASAP PR – 0044 1789 490786, mobile 0044 7990 978257.