Likewise Group, the UK floorings distributor, is pleased to announce that the company has entered into a conditional agreement to acquire Valley Wholesale Carpets, a UK-based distributor and wholesaler of carpets, for a maximum consideration of £30m.
Likewise Group listed earlier this year in August 2021, and achieved profitability with revenues of £28m for the six months ended 30 June 2021.
Valley Wholesale Carpets, founded in 1982, is a distributor and wholesaler of carpets to independent retailers across the UK. It has a strong presence in the south east of England and the Midlands, with two principal distribution centres in Erith and Derby.
The acquisition of Valley Wholesale Carpets is expected to deliver approximately 25 per cent earnings enhancement during the first full year of ownership.
Valley Wholesale Carpets generated audited revenue of £47.3m in the year ending 30 September 2021, up 32 per cent on the previous financial year.
Tony Brewer, chief executive of Likewise Group plc, said: ‘The Likewise team have made significant progress over the last eighteen months and the acquisition of Valley Wholesale Carpets is a major additional step forward in the aspirations of Likewise to develop a meaningful flooring distribution business throughout the UK.’