1st Apr 2022 17:30
Likewise Group PLC - Birmingham-based domestic and commercial floor coverings distributor - Acquires Leeds-based distributor of carpets, laminate and vinyl tile and flooring accessories Delta Carpets Ltd for GBP3.0 million in cash and shares.
Deal will be made up of GBP1.0 million cash, with a further GBP1.5 million in cash being added on completion, and 500,000 shares in Likewise with an underpinned value of GBP500,000.
For 2021, Delta delivered sales revenue of GBP6.5 million and pretax profit of GBP400,000.
"The acquisition of Delta further develops the geographical presence and customer base of Likewise. The increased capacity created by the new Distribution Hub in Birmingham releases capacity in Leeds to enable the logistics capability to integrate Delta and provide an enhanced service to customers," said Chief Executive Tony Brewer.
Current stock price: 1.34 pence
12-month change: up 25%
By Dayo Laniyan; [email protected]
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