Headlam cuts more jobs as Likewise Group buys key assets after administration
After entering administration, flooring firm Headlam announced an additional 64 redundancies and the closure of 25 trade counters, while Likewise Group agreed to purchase several of its assets.
The Birmingham-based flooring specialist Headlam entered administration in September and has now announced further job cuts, removing 64 staff members and closing 25 additional trade counters after earlier reductions. Interpath administrators said that roughly 110 positions have been secured through a £14.9 million transaction with rival Likewise Group. Likewise will take over Headlam's Thatcham distribution centre, the assets and inventory of its Crucial Trading division, and the trade and assets of Concept Flooring in West Bromwich and Stoke-on-Trent, as well as the company's core intellectual property.
The agreement also provides for Likewise to help liquidate residual stock across Headlam's remaining outlets. Ryan Grant, managing director at Interpath, explained that selling parts of the business offered the most viable outcome for creditors. Likewise expects the acquisition to move it toward its £300 million revenue target.
Why it matters
The transaction reshapes the UK flooring market and secures jobs while highlighting the challenges facing specialty retailers.
In this story
