Likewise PLC is not new to the flooring space, but the way it has evolved in recent years reveals a clear strategic pivot. Instead of operating as a collection of acquired brands, it has transformed itself into an integrated distributor with reach, efficiency and momentum.
The initial phase focused on acquiring and assembling a national base. Now, the company is harvesting the operational gains from that groundwork. Gross margins have nudged past 30 per cent as distribution becomes more streamlined, and likewise-for-like sales climbed 7.4 per cent in 2024. Underlying EBITDA reached £8.8 million, with over £7 million generated in operating cash. Importantly, these improvements are tied directly to execution, not just favourable market tailwinds.
The pace is accelerating. Early 2025 results show sales rising more than 10 per cent year-on-year from January through April. That puts Likewise on track to approach, or exceed, £170 million in annualised revenue, a significant step towards its medium-term target of £200 million. Crucially, this growth isn’t dependent on any one customer or contract. Instead, it reflects a broader uplift in service capability, product availability and customer reach.
The infrastructure is being readied for that next phase. A £1.2 million logistics investment in Plymouth added capacity at the southern end of the network, bringing total distribution space to approximately 15 million cubic feet. From Glasgow to Birmingham, the company’s distribution network now offers national coverage with increasingly dense route optimisation. That reduces fulfilment time, trims transport costs, and improves margins—exactly the kind of leverage that drives value at this stage of scaling.
Likewise’s strategic outlook is shaped by a fragmented market. The UK flooring distribution space remains dominated by regional outfits, with national players still in the minority. That structure creates a competitive advantage for any business capable of integrating operations at scale while retaining product variety and customer service. Management clearly believes they’re in that position—and early evidence supports the view.
There’s also an encouraging financial discipline at work. Growth has been funded through internally generated capital, with only limited reliance on debt. The recent Plymouth facility was acquired outright, not leased or financed, keeping control tight and costs predictable. Meanwhile, a modest share buyback programme and the rollout of an SAYE scheme involving over 3 million options suggest confidence across the boardroom and workforce alike.
What sets Likewise apart is its consistency. It doesn’t rely on quarterly spikes, flash sales, or niche product wins. Instead, the business is scaling on the back of repeatable, well-managed execution—route efficiency, warehouse consolidation, multi-brand integration, and targeted local sales teams.
That’s also why the margin progression feels sustainable. As volume increases, fixed distribution and admin costs are spread more thinly, while pricing power improves with scale. The company is beginning to see this play out in higher gross margins and stable operating costs. As the revenue base edges toward £200 million, those dynamics should begin to show more clearly in return on capital.
There are, of course, sector risks. Consumer spending in home improvement can ebb, and input costs—particularly energy and transport—remain volatile. Larger competitors could accelerate their own M\&A strategies. But Likewise’s focus on operational control, regional breadth and measured expansion puts it in a favourable position to manage those pressures.
Recognition within the industry is also starting to build. A recent award for ‘Outstanding Performance’ within the flooring sector affirms its growing reputation, not just as a supplier, but as a partner capable of consistent delivery. That soft power supports customer retention and opens doors for higher‑margin, value‑added categories.
For investors assessing overlooked or under-appreciated platforms with tangible assets and national rollout strategies, Likewise stands out. The strategy is aligned, the numbers are tracking forward, and the infrastructure is now in place to support further gains. It’s a business that’s evolving with purpose, and giving scale a very deliberate edge.
Likewise Group PLC (LON:LIKE) 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.