Likewise Group completes £9.57m Corby distribution hub buy

Likewise Group plc has finalized the acquisition of a 60,000 square foot distribution center in Corby, East Midlands for £9.57 million, as per a press release released on Monday. The flooring distributor acquired the freehold of the high bay facility to augment its logistics network capacity. Installation of racking and cutting equipment will commence immediately, with the facility set to commence operations in January 2027.

The Corby hub will provide storage, cutting, and trunking capacity to the company's logistics operations. Stock is projected to arrive at the site towards the end of the year. The acquisition is anticipated to free up space at the company's Birmingham site and aid in meeting its goal of achieving £300 million in annual sales revenue.

Likewise Group reported positive trading performance in August, ahead of the autumn period. The company intends to disclose an update on September 11 covering the August results and early September trading. Chief Executive Officer Tony Brewer stated that the Corby acquisition signifies a step in the company’s growth and will enable its logistics network to expedite.

He also highlighted recent advancements at Derby and Newport facilities, alongside Corby. The company is assessing additional property investments to bolster its material handling capabilities, with forthcoming announcements expected in the coming months. This report was produced with the assistance of AI and reviewed by an editor. For further details, please refer to the Terms and Conditions.