Likewise climbs higher and extends across UK
Ambitious flooring distributor Likewise plc says revenues have climbed 29% over the last year and it has "establish solid foundations to secure the development for future years."
It a trading statement to shareholders, Likewise said revenue for the year ended 31 December 2021 (“FY21”) increased by 29% to c.£61 million (2020: £47 million).
It also confirmed the completition of its biggest acquisition to date, buying the family-owned Valley Wholesale Carpets business with its annual sales of around £50m, giving it a substantial presence in the South East and the Midlands.
Likewise says the deal will increase its share of the UK flooring market to approximately 5.6 per cent. "boosting Likewise's position as one of the leaders in the UK market."
Chief executive Tony Brewer said: “The acquisition of Valley is a major step forward in the development of Likewise. Our intention is to accelerate the product, sales and marketing of the enlarged Group to establish solid foundations to secure the development for future years.
“The Group continues to be highly active and in the last month alone, has entered into a new lease to relocate Likewise North East into larger premises in Newcastle. Agreement in principle has also been reached to secure the facility adjacent for c.50% more capacity in Manchester for A&A, whilst Birmingham is on schedule to be operational at the end of January creating significant extra order processing capability.
The group has acquired and grown several businesses as it expands across the UK and includes brands such as A&A, Factory Flooring, H&V, William Armes (Dandy), Bruce Starke and Lewis Abbott.
