Former Headlam directors launch flooring distribution
TWO former Headlam directors have teamed up with Birmingham investor Paul Bassi to launch a new UK floorcoverings distributor, Likewise Group.
Likewise Group is the brainchild of Coleshill-based Headlam former directors Tony Brewer and Andrew Simpson.
The Likewise board includes Tony Brewer, chief executive officer, non-executive chairman Paul Bassi, chief financial officer Roy Povey and non-executive director Andrew Simpson. They’ll be supported by an executive board and an advisory board.
The business has been listed on The International Stock Exchange in Guernsey, raising £7m which it intends to use for future acquisitions in the sector. Based on the issue price of the shares, Likewise has a market capitalisation of £12m.
Prior to the listing, Likewise had acquired the entire share capital of William Armes and the trade and assets of Bruce Starke & Co which have been fully integrated into the group.
Tony Brewer said: ‘We’re very pleased to have listed on TISE. We already have a team with huge experience in the UK and European floor coverings market and worldwide manufacturer relationships, as well as two existing distribution centres.
‘The benefit of £7m cash raised and potential access to further funds puts us in a very strong position to be able to make further acquisitions which will enable us to consolidate the distribution section of the floor coverings market to gain national scale.
‘Ultimately, we believe this puts us in a position to expand Likewise into a meaningful flooring business.’
Financial advisers to the transaction are Zeus Capital.
John Goold, ceo of Zeus Capital, said: ‘Having worked with Tony for 20 years and seen him create significant value for his investors, we’re very excited about helping him and his team at the start of their next journey.’
For the listing, UK counsel to the company is Gateley, Guernsey counsel is Carey Olsen, auditors and reporting accountants are Crowe UK, registrars are Link Market Services, the bankers are Barclays and the listing sponsor and market maker is Ravenscroft.
Jon Ravenscroft, group chief executive officer at Ravenscroft, said: ‘It has been fantastic for Ravenscroft to have been able to work with the team at Likewise, as well as Zeus and the other advisers, to obtain the listing on TISE and raise the finance for the future development of their business.’
CAPTION: Likewise non-executive chair, Paul Bassi