Likewise Group plc announced on Tuesday a planned equity fundraising designed to generate up to approximately £29.2 million at an issue price of 28.5 pence a share. The UK flooring distributor said the capital will be used to support the planned purchase of a new distribution facility and to reinforce the group’s logistics platform.
The group is in advanced talks to buy a 60,000 square foot freehold, high-bay distribution facility in Corby, England, from PBBE Corby B.V. for a total consideration of £9.5 million, inclusive of stamp duty. If completed, the site would become Likewise Floors’ fifth distribution hub and form part of the company’s infrastructure to support an aspiration to deliver group revenue of £300 million.
The proposed equity package comprises multiple elements: a firm placing, a conditional placing, a firm subscription, a conditional subscription and a conditional retail offer. The placing component will seek to raise roughly £24.2 million through an accelerated bookbuild that is launching immediately. The subscription leg is expected to bring in about £3.0 million, while the retail offer is targeted to raise up to £2.0 million.
The 28.5 pence issue price equates to a 14.9% discount to the company’s closing share price of 33.5 pence on Tuesday.
Likewise Group said it plans to fund the £9.5 million acquisition cost in part with proceeds from the placing and subscription. In addition to equity, the company intends to obtain approximately £9.0 million of financing from National Westminster Bank Plc, comprising a £7.2 million commercial mortgage facility and a £1.8 million VAT bridging facility. The NatWest facilities have received credit approval, subject to completion of legal documentation.
The retail offer will be hosted through the BookBuild Platform and will remain open for applications until 4:30 p.m. on August 4, 2026. Shareholders are scheduled to vote on the proposals at a general meeting set for 10:00 a.m. on August 14, 2026.
Zeus Capital Limited is acting as nominated adviser and joint bookrunner on the transaction, with Ravenscroft appointed as joint bookrunner. Company management will deliver an investor presentation at 2:00 p.m. on Wednesday.
Terms and timing for the separate placing, subscription and retail offer components were set out by the company in its announcement. The combination of equity issuance and bank facilities outlines the group’s funding mix for the acquisition and signals an immediate focus on expanding physical distribution capacity.
Investors should note the specific timetable for the retail offer and shareholder meeting, and that the NatWest financing remains subject to completion of legal documentation.