Solihull flooring distribution company celebrates growth
Solihull flooring flooring distributor Likewise Group plc has made its final payment of £3.855 million in cash to the vendors of Valley Wholesale Carpets (2004) Ltd, under the terms of the Share Purchase Agreement announced in December 2021.
The final payment was part of a maximum of £30 million Likewise agreed to pay for the Kent-based Valley Wholesale Carpets.
Valley Wholesale Carpets operates as an autonomous business within the Likewise Group, which includes William Armes Ltd, Bruce Starke & Co Ltd, Lewis Abbott Ltd, Heatseam Ltd, H&V Carpets BVBA and A&A Ltd, all of which were acquired in the first three years of the Solihull-based group’s launch in 2019.
Chief executive Tony Brewer said: “Valley has been an excellent acquisition, with the quality of assets acquired plus the positive impact to group profitability and operating cashflow. We thank the management and staff for their contribution in maintaining Valley as an autonomous business.”
In April 2022, group subsidiary, Likewise Floors Ltd, acquired Delta Carpets (Holdings) Ltd and its wholly-owned subsidiary Delta Carpets Ltd (Delta) for a total consideration of £3 million.
Delta, based in Leeds, is a distributor of carpets, residential vinyl, laminate, luxury vinyl tile and flooring accessories to independent flooring retailers in the North of England, Midlands and South Wales.
Tony Brewer added: “All the acquisitions we have made to date continue to contribute to the success of Likewise Group.
“While it is very early in the year, trading has commenced positively, and the Likewise Group is extremely well positioned to accelerate growth during 2024.”