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Likewise acquires Valley Wholesale Carpets as 2021 revenue rises

Fri, 14th Jan 2022 15:38

(Alliance News) - Likewise Group PLC announced on Friday it has completed the acquisition of Valley Wholesale Carpets Ltd ,while annual profit is set to meet market expectations.

The Solihull, England-based floor coverings distributor acquired the carpet wholesaler for a deal of up to GBP30.0 million. The acquisition will increase Likewise's market share to 5.6% of the GBP1.9 billion UK carpet industry. It will also increase its presence in the southeast of England, and the Midlands, offering logistical advantages.

Chief Executive Tony Brewer commented: "The acquisition of Valley is a major step forward in the development of Likewise. Our intention is to accelerate the product, sales and marketing of the enlarged group to establish solid foundations to secure the development for future years."

Likewise also announced its total revenue for 2021 was roughly GBP61 million, up 29% from GBP47 million in the previous year. The distributor also anticipates that pretax profit will be in line with market expectations.

Likewise's share price rose by 1.4% to 42.60 pence each in London on Friday afternoon.

By Elizabeth Winter; elizabethwinter@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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