Likewise Group plans to raise up to £29.2 million to fund a new distribution hub and support further growth across its UK flooring business.
The company intends to issue new shares at 28.5 pence each. The fundraising includes a placing, subscriptions and a retail offer. Around £24.2 million is expected from the placing, with approximately £3 million from subscriptions and up to £2 million from the retail offer.
A central part of the plan is the proposed purchase of a distribution facility in Corby. Likewise is in advanced discussions to acquire the freehold property from PBBE Corby B.V. for approximately £9.5 million, including stamp duty.
The site includes a 60,000 square foot high-bay warehouse. It would become the fifth distribution hub operated by Likewise Floors and add capacity to the group’s national network.
The Corby facility is intended to support a longer-term group revenue target of £300 million. The extra warehouse space would allow Likewise to hold more stock, process higher volumes and serve customers across a wider area.
Buying the freehold would also give the group direct control over an important operating asset. This requires a significant upfront investment but reduces dependence on leased property and provides more certainty over the future use of the site.
The fundraising would cover more than the Corby acquisition. The remaining capital would support the group’s broader expansion programme and strengthen its financial position as several infrastructure projects move towards completion.
Likewise is already developing facilities in Glasgow, Leeds, Derby, Newport and the East Midlands. The company says these projects remain on schedule and are expected to provide additional operating capacity during the second half of 2026 and throughout 2027.
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.
