Likewise buys Hedlam assets for GBP14.9 million from administrators

Likewise Group PLC on Wednesday said it acquired a number of Headlam Group PLC's assets from administrators for a total consideration of £14.9 million.

Likewise shares jumped 7.6% to 38.75 pence each on Wednesday in London.

The Birmingham, England-based floor coverings distributor said its wholly owned subsidiaries Likewise Holdings Ltd and Likewise Floors Ltd bought several assets from Headlam and HFD Ltd, including a 90,000-square-foot freehold distribution centre in Thatcham.

Through the deal, Likewise also acquired the natural floor coverings business Crucial Trading and the flooring distributor Concept Flooring in West Bromwich and Stoke-on-Trent, as well as intellectual property rights.

A 110 employees across Thatcham, Crucial Trading and Concept Flooring will be transferred to Likewise

In early September, Will Wright, Chris Pole and Ryan Grant of Interpath Ltd were appointed administrators to restructure Headlam and its trading subsidiary HFD. Since then, the company has continued trading.

However, Headlam said on Wednesday that a partial sale of its business was the "best and most deliverable outcome for creditors," and that exiting administration through a company voluntary arrangement and a debt restructuring was no longer an option.

After the disposal, worth £14.9 million plus VAT, Hedlam is unlikely to have sufficient funds to fully meet unsecured creditors' claims and will be unable to return capital to shareholders, it said.

Likewise added it entered into an agency agreement to help Hedlam's administrators sell remaining inventory over the next nine months in an orderly manner without disrupting the UK floorcoverings market.

Hedlam's administrators said they intend to apply for delisting from the London Stock Exchange and will provide further information in a separate announcement.

Headlam shares are suspended from trading.

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