Ambitious carpet and flooring supplier Also Group Listing AIM with a plan to triple sales
Ambitious carpet and flooring supplier Similar Group will be listing on AIM this week with a plan to triple sales.
The company has agreed to raise £ 10m from investors worth £ 50m to fund growth and distribution centers across the UK.
Also led by Tony Brewer, who ran flooring giant Headlam for 16 years, with a current market value of £ 436 million.
Get Involved: Also has agreed to raise £ 10m from investors worth £ 50m to fund growth and distribution centers across the UK
Also supplies independent retailers in the highly fragmented market, which is still dominated by around 7,000 small, family-run businesses.
Brewer said the company planned to increase its share of the market from 3 percent to 10 percent from £ 2 billion a year – which translates into sales of around £ 200 million a year.
He said independents often sell and install carpets and still thrive in a market where advice and understanding of the technical specifications of products help customers make purchasing decisions.
‘There are little or no barriers to establishment [a shop] in this market and with our help it can be made very easy, ‘he said.
Brewer has brought in several other former Headlam employees, including his finance director and his commercial director.
The sale of shares dilutes his family stake in the company to around 25 percent.