Strategic acquisitions are paying dividends at Likewise Group
The contribution of strategic acquisitions has been highlighted as the driving force behind the success of the fast growing and progressing flooring distributor Likewise Group plc.
Birmingham-based Likewise has just announced it 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.
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.
Mr 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.”
