Acquisitive carpets company lays out deal for Belgian firm

Floor coverings supplier Likewise, which was founded in 2018 by West Midlands entrepreneurs and investors, has made its fifth acquisition with the buyout of a Belgian carpet business.

Likewise, which was launched last year by two former directors of Coleshill-based Headlam Group alongside Birmingham investor Paul Bassi, has purchased H&V Carpets BVBA.

Likewise has acquired the entire issued share capital of H&V for €1 in addition to a ten-year warrant for 1m Likewise shares at 30p per share. The acquisition includes stock of €1.47m and trade creditors to the corresponding value.

For the year to December 2018, H&V returned revenues of €7.07m.

H&V is a supplier of carpet to flooring retailers in the UK and Germany. According to the company, this latest acquisition will see Likewise achieve annualised sales revenue in excess of £35m, up from £3m 12 months ago.

Tony Brewer, chief executive officer of International Stock Exchange-listed 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.”

Last month, Likewise announced that it had acquired Dewsbury-based Heatseam in a £7.5m deal.