Likewise Group to Raise £29.2 Million for New Distribution Hub

UK flooring distributor Likewise Group plc on Tuesday announced a proposed equity fundraising to raise up to £29.2 million to finance the acquisition of a new distribution facility. The move is a key component of the company's strategy to expand its operational infrastructure and support future growth.

Fundraising Details

The fundraising will be conducted at an issue price of 28.5 pence per share, representing a 14.9% discount to the company's closing price of 33.5 pence on Tuesday. The capital raise is structured in several parts:

• A placing of approximately £24.2 million conducted through an accelerated bookbuild.
• A subscription to raise approximately £3.0 million.
• A conditional retail offer aiming to raise up to £2.0 million.

Zeus Capital Limited and Ravenscroft will act as joint bookrunners for the placing.

Strategic Acquisition

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The company stated the proceeds will partially fund the acquisition of a 60,000-square-foot freehold distribution facility in Corby, England. Likewise is in late-stage discussions to purchase the property from PBBE Corby B.V. for £9.5 million, including stamp duty.

This new site is set to become Likewise Floors’ fifth distribution hub. The company said the expanded infrastructure is critical to its goal of achieving group revenue of £300 million.

Additional Financing and Timeline

In addition to the equity raise, Likewise intends to secure approximately £9.0 million in debt financing from National Westminster Bank Plc. This includes a new £7.2 million commercial mortgage and a £1.8 million VAT bridging facility, for which the company has received credit approval subject to final legal documentation.

The retail offer will remain open until 4:30 p.m. on August 4, 2026. A general meeting for shareholders to vote on the proposals is scheduled for 10:00 a.m. on August 14, 2026.