Overview
Likewise Group plc (LIKE) has acquired a number of assets from Headlam Group plc and HFD Limited (each in administration) for total cash consideration of £14.9 million (plus VAT), funded entirely from the Group’s existing cash resources following its recently completed £32.5 million equity fundraising. The assets include Headlam’s 90,000 sq. ft. freehold Thatcham Distribution Centre, the trade and assets of Crucial Trading and Concept Flooring, and principal intellectual property, with around 110 employees expected to transfer to the Group. Likewise has also entered into a nine-month agency agreement to assist the joint administrators in selling Headlam’s remaining inventory. Following the Acquisition, the Board believes Likewise is the largest floor coverings distributor in the UK, and the transaction further supports the Group’s goal of £300 million of revenue in the medium term.
Company information
Likewise Group plc is a fast-growing UK-based floor coverings distributor, supplying independent flooring retailers and contractors through its national sales and distribution network.
Tony Brewer
Chief Executive, Likewise Group plc“The Acquisition is a key milestone for the Group as it now becomes the leading distributor of floor coverings in the UK. The acquisition of the Thatcham Distribution Centre adds significant capacity to the growing Likewise distribution network and the purchase of well-known brands together with the Crucial Trading and Concept Floors businesses are very welcome additions. Zeus’ multi-disciplinary capabilities were greatly appreciated as they helped us to quickly execute the purchase of assets out of administration whilst also navigate the requirements of being a publicly listed company. We are grateful to the whole Zeus team for their support.”
Jordan Warburton
Managing Director, Investment Banking“Zeus has advised Likewise since 2018 and that deep understanding of its strategy and ambitions, combined with the support of our newly formed restructuring division, meant that when Headlam Group plc entered administration, Likewise were able to move quickly. The Zeus team were able to guide the Likewise team through a complex administration process and secure key assets including the 90,000 sq.ft. Thatcham distribution centre and the trade and assets of the Crucial Trading and Concept Floors, all funded entirely from existing cash which Zeus also assisted with raising earlier in the summer. We look forward to continue to support Likewise in its journey and achieve its medium term ambitions of £300m of revenue.”
Contact
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