Third Deal for Likewise Marks Move into Mainstream Flooring Distribution
Likewise Group plc. has completed its third acquisition since its launch in 2018. The group has purchased Lewis Abbott Ltd, a London-based floorcoverings distributor for £1m in cash with a further £200,000 payable in 12 months’ time.
The deal follows on from the listing of Likewise Group plc on the International Stock Exchange in Guernsey, raising £7m for future acquisition.
Prior to the listing, Likewise had acquired the entire share capital of William Armes Ltd and the trade and assets of Bruce Starke & Co Ltd which have been fully integrated into the group.
Tony Brewer, chief executive of Likewise Group, said: “This is the first move by Likewise into mainstream flooring distribution.
“Katie Cohen, daughter of the previous owner, Paul Cohen, will head the business in conjunction with Likewise executives James Kellett and Adrian Laffey.
“Together they will build the Lewis Abbott business, developing its current activity in residential flooring and expanding into commercial flooring, supplying trade customers inside the M25.
“We would like to thank Paul Cohen and wish him and his family well in his retirement.”
Likewise Group plc was set up by Tony Brewer and Andrew Simpson, former directors of Coleshill-based Headlam, the quoted UK business which distributes floorcoverings throughout Europe.
The Likewise board includes Tony Brewer, chief executive officer, non-executive chairman Paul Bassi, chief financial officer Roy Povey and non-executive director Andrew Simpson. They are supported by an executive board and an advisory board.