Likewise Group raises £1.4m through share subscription

Likewise Group plc, one of the UK’s largest floorcoverings distributors, has raised c.£1.4m, pursuant to an equity subscription for 5,500,000 new ordinary shares of 1 pence each in the company by Onward Opportunities Limited, an existing institutional shareholder in order to accelerate “organic growth opportunities,” the company says.

The subscription was originated by a reverse enquiry from an existing institutional shareholder looking to increase its holding in Likewise, having been unable to source stock in the secondary market. The net proceeds of the subscription will be used for future growth investments as the company continues to take share in difficult markets.

Tony Brewer, Chief Executive of Likewise Group, said:

“The board has taken the opportunity to create additional capital for the future development of the Group. As previously communicated, it is intended to fund the impending Newport extension from internal cash flow, however the board is actively considering further initiatives to meaningfully increase the operational capability and enabling sales revenue to exceed £250m.

“Therefore, this new capital will be retained in an investment account and not absorbed into the Group’s working capital cycles. We thank Laurence Hulse and the team at Onward Opportunities for their ongoing support.”