New UK floor covering distributor lists on International Stock Exchange

Paul Bassi

Two former director of Coleshill-based Headlam Group have joined forces with Birmingham investor Paul Bassi to launch floor coverings distributor Likewise Group, which recently listed on the International Stock Exchange.

The Likewise board includes Tony Brewer, chief executive officer, non-executive chairman Bassi, who is also the chief executive of Real Estate Investors, chief financial officer Roy Povey and non-executive director Andrew Simpson.

The business has been listed on the International Stock Exchange in Guernsey, raising £7m which it intends to use for future acquisitions in the sector. Based on the issue price of the shares, Likewise has a market capitalisation of £12m.

Prior to the listing, Likewise had acquired the entire share capital of William Armes and the trade and assets of Bruce Starke & Co which have been fully integrated into the group.

Brewer said: “We are very pleased to have listed on TISE. We already have a team with huge experience in the UK and European floor coverings market and worldwide manufacturer relationships, as well as two existing distribution centres.

“The benefit of £7m cash raised and potential access to further funds puts us in a very strong position to be able to make further acquisitions which will enable us to consolidate the distribution section of the floor coverings market to gain national scale.

“Ultimately, we believe that this puts us in a position to expand Likewise into a meaningful flooring business.”

Financial advisers to the transaction were Zeus Capital.

For the listing, UK counsel to the company was Gateley, and Guernsey counsel Carey Olsen, auditors and reporting accountants are Crowe UK, registrars are Link Market Services, the bankers are Barclays and the listing sponsor and market maker is Ravenscroft.

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