Fast growth flooring giant sees major sales increase
Floor coverings firm Likewise Group has seen a major increase in sales in the first quarter of 2023, up 19.7%.
The firm, which launched in January 2019 by former Headlam directors Tony Brewer and Andrew Simpson, includes other businesses such as Lewis Abbott, Factory Flooring, H&V Carpets, A&A, Valley Wholesale Carpets, and the recently acquired Delta Carpets.
Across the Likewise-branded businesses, revenue has grown by 25.7%, after major investment in its sales infrastructure.
The Birmingham-headquartered firm is looking to boost its logistics infrastructure, and has moved its Likewise London business and Floors by Lewis Abbott to Sidcup in January 2023, providing an improved service to customers in the south east of England.
It has also taken possession of a 47,000 sq ft high bay distribution centre in Glasgow. Racking systems and a cutting table are currently being installed and this facility will become operational during Spring 2023 which will allow the business in Scotland to enlarge significantly and provide additional support to the Likewise logistics network in England and Wales.
Chief executive Tony Brewer said: “Over the last two years the group has made significant progress in developing a comprehensive logistics infrastructure…
“Focus continues to be on relocating A&A in Manchester. While this has been ongoing for some time, we are optimistic of an imminent solution. This is the final piece in this stage of the group’s logistics development.”
The flooring firm grew by 104% in 2022 after making acquisitions such as Valley Wholesale Carpets, which Brewer says is an important contributor to group profitability and cashflow.
The group’s distribution hubs in Glasgow, Leeds, Birmingham and Sudbury, the Manchester distribution centre, plus facilities in Newcastle, Newbury and Sidcup in addition to the Valley network in Erith, Derby and Newport now total 15 million cubic feet.
The group says it has created the logistics capability to double its current cutting capacity for carpet, residential vinyl and artificial grass.
Likewise has now become a funding partner of Carpet Recycling UK, as it looks to be a key contribution to the floor covering industry and combat wider environmental responsibilities.
It’s investing in initiatives to recycle cardboard and polythene in addition to 73% of the group’s fleet of cars being electric or hybrid.
Likewise Group has a strong balance sheet with net assets of circa £40m, including freehold property of £21.4m.
