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Enterprise

Flooring firm Likewise to raise £10m in float

Worcestershire firm is planning to expand network with new stock exchange listing

Likewise is opening a new distribution centre on Birmingham Business Park as it prepares to float

A West Midlands flooring company is to float on AIM.

Bromsgrove-based Likewise, which distributes floorcoverings and matting, said it would list on the sub-market of the London Stock Exchange on August 18.

The company was founded in 2018 by Tony Brewer and Andrew Simpson, two former directors of Birmingham-based floorcovering firm Headlam, and initially listed on The International Stock Exchange in Guernsey, raising £7 million.

It is now seeking to raise approximately £10 million to help accelerate the group's growth aspirations with this latest float.

The directors, including non-executive chairman and Birmingham property entrepreneur Paul Bassi, have also invested £1 million.

Since launching, Likewise has grown rapidly by acquiring a string of other sector firms including William Armes and Lewis Abbott.

Mr Brewer said: "The group has developed rapidly during the last two years and the foundations are now in place to build a substantial business in the º£½ÇÊÓÆµ flooring industry, maximising our relationship with our manufacturing partners, along with flooring retailers and contractors.