Passion - Likewise / Lewis Abbott

Likewise Group PLC is a distributor of floorcoverings and matting and has the opportunity to consolidate the domestic and commercial floorcovering markets to become one of the UK’s largest distributors in this sector.

Currently, the UK domestic flooring market is worth C:£2 billion. Although there are a number of larger industry competitors, the market remains fragmented with small local and regional companies accounting for c.50% 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.

Likewise PLC intends to utilise the expertise and industry knowledge of the Board, Executive Board and Advisors to develop an alternative to larger industry competitors. Management believe this can be achieved through a mixture of organic growth, operational leverage and where appropriate acquisitions.

Prior to the IPO the Group has acquired William Arms Limited and the trade and assets of Bruce Starke & Co, both of which have been fully integrated into the Group and will form part of the core business.

The Directors believe that a public listing will provide a permanent source of capital from which the Group can execute its growth strategy, raise the profile of the Group and provide the ability to incentivise key employees.