On its first day of dealings, Likewise Group (LIKE ) announced that it has successfully raised gross proceeds of £10 million at 25p a share, valuing the Company at around £48.1 million.
The Company, which operates as a floor coverings distributor across the UK, was officially admitted to trading on London’s junior AIM market at 8.00 a.m. today under the ticker LIKE.
In July 2021, Likewise, which was founded by former Headlam directors, Tony Brewer and Andrew Simpson, said it intended to raise up to £10m to help accelerate its growth plans.
The Directors believe that these placing proceeds will help accelerate the Group's growth aspirations, including the two key priorities of expanding the customer base and optimising the distribution network, as well as admission further enhancing the Group's public profile.
In January 2019, the Group floated on the Guernsey-based International Stock Exchange, raising £7m. To date, Likewise has expanded its logistics network to include the Morley distribution centre and the Birmingham regional distribution as well as other centres.
Within its recent statement in which Likewise announced its intention to admit its enlarged share capital to trading on AIM, the Group also announced its intention to de-list from TISE.
"Likewise is delighted to be listed on AIM in order to create access to capital and accelerate our growth aspirations," said Tony Brewer, CEO of Likewise Group, which to date, has a global supplier base, across both contract and residential, with 79 suppliers in 19 countries.
Shares in Likewise Group jumped as much as 28% during early trading on Wednesday morning as the company made its official debut on London's junior AIM market.
The Group recently signed a leasehold agreement for Unit 4, Radial Park, at Birmingham Business Park on the M6 and M42 junction in order to accelerate growth in the Midlands and South West. Its head office has also changed to this location thereby ‘reinforcing’ its strategy of positioning the business at the heart of the UK's motorway network.
Addressing the Company’s shareholders at the time of the proposed listing, Brewer commented: "Likewise has developed rapidly during the last two years and the foundations are now in place to build a substantial business in the UK flooring industry, maximising our relationship with our manufacturing partners, along with flooring retailers and contractors.”
Brewer told investors that Likewise is producing “consistent profitability which, alongside control of working capital, has resulted in the Company now being cash generative.”
He commented: "The Likewise trade brand is becoming well established in many parts of the UK through the effort and customer relationships of our excellent people. There are huge opportunities to develop this further in existing and additional geographical areas.
"We have long established supplier relationships and a global supply base of 79 suppliers in 19 countries, including leading manufacturers in the UK, Europe, Turkey, India and the Far East.”
He added: "Our listing 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."
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