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Former Headlam boss seeks to repeat magic with Likewise
Investors who like to back proven management teams should note the 18 August AIM market debut of Likewise, the UK floor coverings distributor.
It was founded in 2018 by chief executive Tony Brewer who used to be CEO at Europe’s leading floor coverings distributor Headlam (HEAD). The latter’s share price increased by 235% during the 16 years he ran the business.
Likewise has grown rapidly with the help of acquisitions and has just raised £10 million to support ongoing growth plans. Brewer is joined on the board by fellow Headlam alumni Andrew Simpson, who is a non-executive director.
The Likewise trade brand is becoming well established in many parts of the UK and trading in 2021 to date has proved strong, with revenue per trading day exceeding £250,000 in both May and June.
Brewer insists the foundations are ‘now in place to build a substantial business in the UK flooring industry, maximising our relationship with our manufacturing partners, along with flooring retailers and contractors’.
Distributing both domestic and commercial floor coverings and matting, Likewise is looking to challenge the established industry players by providing customers, including large UK retailers, with a wide choice of flooring from multiple manufacturers across the globe at competitive prices.
Brewer says Likewise is ‘now producing consistent profitability’, which combined with tight working capital control has resulted in the company now being cash generative.