Business
Acquisition of Delta Carpets
Acquisition of Delta Carpets.
About this update from Likewise Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0184H\n Likewise Group PLC\n 01 April 2022\n \n \n \n \n \n \n \n 1 April 2022\n \n \n Likewise Group plc\n \n \n \n \n \n (\"Likewise\" or the \"Group\")\n \n \n Acquisition of Delta Carpets\n \n \n \n \n \n Likewise Group plc (AIM:LIKE), the fast growing UK floor coverings distributor, is pleased to announce that its subsidiary, Likewise Floors Limited, has acquired 100% of the issued share capital of Delta Carpets (Holdings) Limited and its wholly owned subsidiary Delta Carpets Limited (together \"Delta\").\n \n \n Delta, based in Leeds, is a distributor of Carpets, Residential Vinyl, Laminate, Luxury Vinyl Tile and Flooring Accessories to Independent Flooring Retailers in the North of England, Midlands and South Wales. \n \n \n In the financial year ended 31 December 2021, Delta delivered Sales Revenue of £6.5 million and Profit Before Tax of £0.4 million. Net Assets acquired are approximately £1.1 million and are subject to a completion accounts mechanism as at 31 March 2022.\n \n \n Over the next few months Delta will be relocated to the Likewise Distribution Centre in Morley, Leeds. Delta will continue to operate as a separate business under the Delta Trade Brand but share the Group's logistics capacity. \n \n \n All of the Delta employees will be offered continuity of employment and the opportunity to transfer to Likewise. For Sales and Marketing, Delta will remain as an autonomous business in the Likewise structure and logistics will be integrated into the Likewise Distribution Hub. \n \n \n The four Delta shareholders and directors will assist in this transition for between one and three months following completion. \n \n \n Total consideration is £3.0 million, including £1.0 million of cash within Delta, £1.5 million payable in cash on completion plus 0.5 million Likewise Shares will be issued with an underpinned value of £0.5 million on the second anniversary of completion. \n \n \n Total Voting Rights\n \n \n Application has also been made for 500,000 ordinary shares of £0.01 each to be admitted to trading on AIM (\"Admission\"), with dealings expected to commence at 8.00 a.m. on or around 4 April 2022.\n \n \n Following Admission of the consideration shares, the total number of voting rights in the Company will be 243,794,980. Shareholders may use this figure as the ...