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LIKEWISE GROUP COMPLETES FOURTH


ACQUISITION Likewise Group plc has acquired Heatseam, the Dewsbury-based distributor of residential flooring products in England and Scotland.


The purchase is Likewise’s fourth acquisition since its launch in late 2018. The West Midlands-based plc has paid £7.5m with a further £500,000 payable in one year.


Likewise has issued 30m new shares, raising £7.5m before expenses, and trading in the company’s shares has recommenced on The International Stock Exchange (TISE).


Heatseam’s distribution hub is in Dewsbury with two out bases in Daventry and Glasgow. Its product portfolio includes carpet, vinyl, laminate, artificial grass and accessories.


The company’s forecast for the year


ending 31 March 2019 is sales revenue of £21m, with profit before tax of £1.6m and net assets of £3.8m.


Tony Brewer, Likewise CEO, said: “Consistent with our stated strategy when initially listing on TISE in January 2019, the acquisition gives Likewise scale and a distribution infrastructure to develop a meaningful floorcovering business in both the residential and commercial markets.


“We plan further acquisitions to augment the intended organic growth in UK flooring distribution.”


Likewise Group plc was set up by former Headlam directors Tony Brewer and Andrew Simpson. The board includes Tony Brewer, chief executive officer, non-executive chairman Paul Bassi, chief financial officer Roy Povey and non-executive director Andrew Simpson. They are supported by an executive board and an advisory board.


www.likewiseplc.com


Cyrille joined Balta mid 2017 as Chairman of the Board. Since August last year, he has also assumed the role of interim CEO and been instrumental in developing and starting to implement the recently announced three-year holistic earnings enhancement program, NEXT.


The Board commented: "With his strong track record of leading and driving strategy and profitability improvements and his impact on the company during the last six months, the Board is convinced that Cyrille is best placed to continue to drive and deliver the implementation of our transformational programme. We are delighted Cyrille has agreed to stay at Balta as permanent CEO.”


BALTA CONFIRMS


PERMANENT CEO Balta Group NV has announced that Cyrille Ragoucy, current interim CEO of Balta, will assume the role in a permanent capacity.


twitter.com/TContractFloors


Cyrille Ragoucy, CEO, commented: "I am delighted to assume the role of CEO in a permanent capacity and have the opportunity to drive the transformation programme through to completion. I look forward to continuing to work with the Board and the broader team at Balta to complete our programme and ensure the business is best positioned for future profitable growth.”


www.baltagroup.com


NEWS SUPPORTING THE


FUTURE OF FLOORING Heckmondwike FB and Paragon Carpet Tiles are sponsoring an apprentice across its National Floorcoverings Ltd group of companies.


The company is working alongside Hillside Contracts, a flooring contractor in Leicester to provide assistance to Kai Linton, a trainee floor layer.


Having started his course in September 2018, Kai is currently completing the first year of his two-year apprenticeship, making him an important part of the future of the flooring sector. He is learning his trade through onsite training assessments and tutoring at Floortrain Training Centre in Doncaster.


Bob Mortimer, UK Sales Manager for Heckmondwike FB said: “From speaking to our customers in the flooring industry, we are well aware of the skills shortage within the sector and are eager to play a role in addressing the balance.


“Therefore, when the opportunity arose to support Kai in his development — we were more than happy to help.”


www.heckmondwike-fb.co.uk NEWS | 09


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