The fundraising comprised a firm placing and conditional placing, together with a firm subscription, conditional subscription and retail offer.
It will provide capital to fund the proposed acquisition of a new 60,000 sq. ft. freehold high-bay distribution centre in Corby and ensure flexibility to execute the group's growth strategy, including additional strategic acquisitions.
Following investor demand in excess of £27.2m, the Placing and Subscription were upscaled to raise gross proceeds of approximately £28.5 million, taking the total fundraise to £30.5 million assuming the retail offer is taken up in full.
The conditional placing, conditional subscription and retail offer are conditional, amongst others, on shareholder approval at a general meeting.
Headquartered in Solihull, Likewise Group plc is one of the UK's leading distributors of floor coverings and associated products.
Through its nationwide network, the group supplies a broad range of flooring solutions to customers across both the residential and commercial markets and has continued to strengthen its market presence through investment in its product offering, distribution capabilities and operational infrastructure.
Sam Meiklejohn corporate partner at Gateley Legal, led the transaction with support from solicitors Zara Zulfikar and Isabelle Clamp, and partner Paul Cliff.
Sam said: “We are pleased to have supported Likewise on this fundraising, which provides a strong platform for the next phase of the group's growth.
“The transaction attracted significant investor support and is a reflection of the strength of the business and the opportunities ahead.
“It was a pleasure, as always, to work with the Likewise team on the deal and we wish them every success for the future.”
