Kelso bets £1.5 million on floorcoverings distributor Likewise
What's the deal? Kelso Group HoldingsDealroom has a profile for this one. Try Dealroom → has invested £1.5 million in Likewise GroupDealroom has a profile for this one. Try Dealroom →, buying 5,000,000 shares at an average of 30p each in a post-IPO equity deal announced in October 2026. After Likewise's share price rose to about 40p, Kelso's holding is now worth roughly £2 million — approaching 10% of its gross investments.
Why now? The timing follows a shake-up in the UK floorcoverings market. On September 8, 2026, rival Headlam GroupDealroom has a profile for this one. Try Dealroom → — once the market leader with £499 million in 2025 revenue — appointed administrators. On October 7, Likewise acquired selected Headlam assets from the administrators for £14.9 million in cash, including a distribution centre and key brands.
What's the endgame? Likewise is a UK floorcoverings distributor founded in 2018 by Tony Brewer, Adrian Laffey, and Andrew Simpson — the executives who built Headlam into the market leader. Kelso, a main market listed investment vehicle, backs it as what it calls "the new UK market leader," betting it can capture share in a £2.5 billion sector.
By the numbers: Likewise grew revenue from zero to £163 million in 2025 and expects to exceed £200 million this year, targeting £300 million. Its interim results on September 28 showed full-year underlying pre-tax profit now expected to be materially ahead of expectations, with sales up 29.1%.
What could go wrong? Headlam's collapse came after years of decline, a £40 million underlying loss before tax in 2025, and the exhaustion of its £85 million lending facility. Kelso argues those were company-specific missteps, not sector-wide problems — but absorbing Headlam's assets and chasing £300 million in revenue tests Likewise's execution.
The signal: Kelso's quick re-raise into Likewise is a bet that a distressed competitor's exit reshapes an entire market. When an incumbent fails, well-run challengers with proven management can consolidate fast — and investors are moving to back the winner before earnings catch up to the opportunity.
Read more: investegate.co.uk
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