Likewise Group plc is a UK distributor of both domestic and commercial floorcoverings and matting.
It is an example of a successful journey whereby the Group listed on TISE early in its lifetime, raised capital to support its M&A activity, created a secondary market in its shares and incubated on TISE before moving to AIM to raise further capital in support of its continued growth trajectory.
The Group started trading in 2018 with the aim of 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.
Following a couple of early acquisitions and integrations, it listed on TISE in 2019 to raise funds for working capital and future M&A activity in the sector. Since then, the Group has a history of delivering organic growth as well as acquiring and successfully integrating complementary businesses which expand the Group’s product offering and / or geographic presence.
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. To continue its growth, the Group has sought admission to AIM and raised gross proceeds of £10.0 million, which will be used to provide working capital for growth, settle deferred consideration, provide additional resources should a strategic acquisition be identified and settle costs associated with the placing.
“TISE has provided a pragmatic and cost-effective route to going public and accessing the capital markets to raise finance. This has enabled us to invest in the Group to deliver organic growth, as well as acquiring and successfully integrating complementary businesses.
“The listing on TISE has been beneficial in supporting the growth of the Group through its formative years and now we believe that a quotation on AIM will provide us with the potential to drive this growth and enhance Likewise’s position as a market leading provider of floor coverings.”
Tony Brewer, CEO of Likewise Group plc