Topps Tiles rescues CTD Tiles out of administration
While 30 CTD Tiles stores will be rescued, the remaining 56 will shutter
Topps Tiles has acquired the brand and assets of CTD Tiles in a £9m deal after the company fell into administration this week. The deal includes the CTD Tiles brands, 30 stores, selected stock and its intellectual property from CTD Tiles Limited.
CTD supplied tiles to the retail, trade and commercial markets through a collection of brands including CTD Tiles, CTD Trade and CTD Architectural Tiles, and had annual revenues of around £75m.
The business also operated 86 stores across the UK. The 30 stores being acquired by Topps Group had total sales of around £20m in the year to June 2024. The remaining 56 CTD Tiles stores will shutter.
Topps Group said the acquisition will provide the “opportunity to make a meaningful entry into the housebuilder segment and expand its existing share of the A&D segment”.
Rob Parker, Topps Group CEO, said: “The CTD brand and assets are an excellent fit with our existing business and the Acquisition creates a new and complementary specialist tile business within the Topps Group.
“CTD operates a different model to our existing Topps Tiles retail stores, with separate trade and retail offers within each unit and a number of market-specific sub-brands which are differentiated from our existing offer.”
He added: “The acquisition of 30 high quality stores and selected supporting infrastructure, together with the intellectual property and customer data required to service CTD’s existing commercial customers in the housebuilding and A&D markets, provide us with an opportunity to make material progress towards our Mission 365 sales goal.
“We are excited about the future of CTD within the Topps Group and look forward to welcoming our new colleagues to the business.”
