Coleshill-based floor covering distributor Headlam Group has acquired the business and certain assets of Matty's Wholesale Carpets for almost £2 million.

Matty's, based in the Nechells area of Birmingham, is a distributor of residential floor covering to independent retailers, principally in the Midlands, and posted sales of £4.3 million in 2014.

Consideration at completion amounted to £1.88 million, with a further £100,000 to be paid following verification of the fair value of net assets acquired of £1.23 million.

Following completion, the autonomous sales and marketing identity of Matty's will be preserved and logistics will be provided by the group's existing facility in Coleshill.