LONDON (ShareCast) - (Sharecast News) - Flooring distributor Likewise Group has been granted planning permission to extend its facility in Newport, South Wales.
Likewise owns the freehold of its current 35,000 square foot "underutilised warehouse", and the land surrounding it, which it said held the capacity to extend the property by 20,000 square feet and create a 55,000 square feet distribution hub.

The AIM-listed group stated the existing Warehouse had "not been fully utilised" in preparation for the intended construction process, however, it stated that this will now enable a particularly cost-effective addition to its operational capability.

Likewise stated that with planning permission now granted, it will now look to meet its objective of having the enlarged facility operational during Q226 in order to enable increased cutting and processing capacity for the logistics networks of noth Likewise Floors and Valley Wholesale Carpets.

As previously stated, Likewise highlighted that the investment and development will be funded through internal cash flow.

Chief executive Tony Brewer said: "This is a very important development in enabling the Group to exceed sales revenue well in excess of £200m, with medium-term aspirations to be significantly greater.

"We look forward to increasing our employment in South Wales and developing the group for the benefit of all stakeholders."

As of 1010 BST, Likewise shares were 2.04% higher at 25p.







Reporting by Iain Gilbert at Sharecast.com

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