Likewise Group PLC – Birmingham, England-based floor coverings distributor – Completes the acquisition of the freehold of a new 60,000 square feet high bay distribution hub in Corby, East Midlands for £9.6 million. The hub will significantly add to the storage, cutting and trunking capacity of the Likewise floors logistics network, the firm says. Installation of racking, cutting table and establishment will commence immediately, with incoming stock towards the end of the year and operational from January next year. Likewise says the hub is a “very important investment” and will allow the group to achieve the next “aspirational” target of £300 million sales revenue. In addition, Likewise says following the additional momentum reported in July, it continues to trade positively in August, ahead of the traditionally busier autumn period. Chief Executive Tony Brewer says: “We continue to evaluate other property investments to further strengthen the group and the material handling capability with further announcements expected in the coming months.”

Current stock price: 30.70 pence, closed up 0.7% in London on Monday

12-month change: up 20%

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