TISE adds Likewise Group plc as a new listing

TISE adds Likewise as a new listing

The International Stock Exchange (TISE) has added Likewise Group plc as a new listing.

The exchange has added a total of 865 new listings in 2018, up 22.7% from 2017 and the largest number of securities listed in a calendar year on the Exchange since the business was established in 1998.

Likewise has raised £7 million through an offer for subscription of 70,000,000 shares which it intends to use for working capital and future acquisitions in the sector.

Tony Brewer, CEO of Likewise, commented:

We are very pleased to have listed on TISE. The Exchange has provided a pragmatic and cost-effective route to going public and accessing the capital markets to raise finance which can be used towards future acquisitions.

We already have a team with huge experience in the UK and European floor coverings market and worldwide manufacturer relationships, as well as two existing distribution centres. The benefit of the £7 million cash raised and potential access to further funds puts us in a very strong position to be able to make further acquisitions which will enable us to consolidate the distribution section of the floor coverings market and to gain national scale. Ultimately, we believe that this puts us in a position to expand Likewise into a meaningful flooring business.

Prior to the listing, Likewise had acquired the entire share capital of William Armes Limited and the trade and assets of Bruce Starke & Co Limited which have been fully integrated into the Group.

Fiona Le Poidevin

Fiona Le Poidevin

Fiona Le Poidevin, CEO of The International Stock Exchange Group (TISEG), said:

I am pleased to welcome Likewise onto TISE and delighted that the team leading this UK-based company has chosen TISE as their preferred route for obtaining a listing and raising capital on a regulated exchange.

This demonstrates the way in which TISE can play a role in supporting the growth of companies and as such, the wider UK economy, by providing them with a straightforward and cost-effective way in which they can access capital to help grow their businesses for the future.

Financial Advisers to the transaction are Zeus Capital.

John Goold, CEO of Zeus Capital, added:

Having worked with Tony for 20 years and seen him create significant value for his investors, we are very excited about helping him and his team at the start of their next journey.

The Listing Sponsor and Market Maker for the listing is Ravenscroft.

Jon Ravenscroft, Group Chief Executive Officer at Ravenscroft, concluded:

It has been fantastic for Ravenscroft to have been able to work with the team at Likewise, as well as Zeus Capital and the other advisers, to obtain the listing on TISE and raise the finance for the future development of their business. The deal illustrates that there is a fully operational ecosystem to facilitate the successful listing and fund raising for UK growth companies.

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