Likewise Group plc, the fast growing UK floor coverings distributor, has floated successfully on the AIM market of the London Stock Exchange.
The company has also raised £10 million at the Placing Price of 25 pence per Share. At the Placing Price, the Company’s market capitalisation on Admission was approximately £48.1 million.
Tony Brewer, Chief Executive of Likewise, said: “Likewise is delighted to be listed on AIM in order to create access to capital and accelerate our growth aspirations. We would like to thank all our advisers, particularly Ravenscroft and TISE, Zeus Capital, Gateley Legal and Crowe UK. We very much appreciate the endeavours of our excellent Management and Staff to establish a business in the last three years. Particular thanks to our Suppliers and Customers for their support in our brief history to date and look forward to continue developing that relationship to our mutual benefit in the future.”
Currently, the UK domestic flooring market is worth around £2 billion. Although there are a number of larger industry competitors, the market remains fragmented with small local and regional companies accounting for around 50 per cent of the UK market. Likewise PLC believes that, through a number of industry and macro factors, the market will polarise towards larger competitors, and that the Likewise Group can be well positioned to benefit from this trend.