Floorcoverings group Headlam expands with new acquisition
COLESHILL-based floor covering firm Headlam Group has expanded with a new acquisition in a deal worth more than £0.5m.
Headlam has agreed to acquire the business and certain assets of Hall’s Floorings Ltd. The deal is expected to complete on Thursday.
Hall’s Floorings, a distributor of residential floorcovering, is based in Edmonton, north London. It is a supplier to independent floorcovering retailers throughout most of England.
Revenue for the year ended December 31, 2012 was approximately £8.2m.
Headlam has agreed on completion to make an initial payment of £472,000, followed by a further £243,000 to settle an outstanding debt. A further £150,000 will be payable following verification of the fair value of assets acquired.
Subject to consultation with Hall’s Floorings employees, it is proposed that the principal logistics operation will be based at Headlam’s depot in Coleshill, with a service centre being established in north London to preserve the local identity of Hall’s Floorings.
