Likewise Group float on AIM
August 2021
Likewise Group plc is a UK distributor of both domestic and commercial floorcoverings and matting. It is challenging the established competitors in the industry by providing access to a wide choice of flooring from multiple manufacturers across the globe at competitive prices for its customers. The Directors believe they have an opportunity to build a business of national scale and over time become a strong alternative to the current larger industry competitors within the sector.
The Company operates from a national distribution hub in Morley, supported by two national distribution centres in Sudbury and Birmingham, a regional distribution centre in Manchester and three smaller logistics centres in Glasgow, Newcastle and Peckham, as well as the operations of H&V BVBA in Belgium.
Prior to its admission to AIM, the Company was listed on The International Stock Exchange (“TISE”) with a market capitalisation of c.£40 million.
Admission to Trading on AIM
On 18th August 2021, the company delisted from TISE and admission and dealings on AIM commenced by way of a Placing of 40,000,000 New Shares at 25 pence per Share, raising gross proceeds of £10 million.
Use of proceeds
The gross proceeds of the Placing will be used to fund:
- Capital investments into additional distribution and logistics centres to facilitate organic growth;
- Additional working capital for the Group;
- Deferred consideration of £1.48 million payable in relation to the acquisition of Heatseam in 2019;
- Fees, commissions and expenses associated with the Placing and Admission; and
- Part fund potential earnings enhancing acquisitions.
In addition, the Directors believe that Admission will, inter alia, further enhance the Group’s public profile, increase the liquidity of its Shares and improve the attractiveness of share-based employee incentivisation programmes and equity consideration on transactions.
The Perivan shareholder communications team were delighted to work Zeus Capital who were appointed as Nominated Adviser and Joint Broker to Likewise, on the successful publication of the 139-page admission document.
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