Likewise acquires freehold logistics centre near Plymouth
By Josh White
Date: Monday 10 Feb 2025
(Sharecast News) - Likewise Group announced on Monday that it has acquired a new freehold logistics centre in Ivybridge, near Plymouth, for £1.2m, funded from internal cash reserves.
The AIM-traded firm said the purchase expanded its freehold property portfolio to £23.3m, and would complete its nationwide distribution coverage across the UK.
It said the new facility would serve as the base for Likewise South West, while also enabling subsidiary Valley Wholesale Carpets to strengthen its business in Devon and Cornwall.
The expansion aligned with the company's strategy to enhance its logistics network and improve service to independent flooring retailers and contractors.
Following a strong 2024, Likewise reported an 8.4% year-on-year increase in total sales revenue for January, with Likewise branded businesses growing by 13.6%.
The group said it was preparing for extensive product launches in the first half, supported by expanded point-of-sale and display stand initiatives aimed at increasing market presence.
With its expanded logistics infrastructure and sales and marketing initiatives, Likewise said it was positioning itself to capitalise on growth opportunities within the UK flooring industry.
Further updates on market expansion and performance will be provided in due course.
"The investment in Plymouth completes the group's geographical reach across the UK and further strengthens our balance sheet," said chief executive officer Tony Brewer.
"The momentum developed in the second half of 2024 has continued in the early part of 2025 providing the group with confidence in an exciting future and further progress towards our medium term objectives."
At 1348 GMT, shares in Likewise Group were up 2.34% at 19.7p.
Reporting by Josh White for Sharecast.com.
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