Topps acquires CTD Tiles out of administration
Topps Tiles has rescued CTD Tiles out of administration for £9m, acquiring the brand’s intellectual property and 30 of its stores.
Prior to entering administration on 19 August, CTD Tiles provided tiles to the retail, trade, and commercial markets through a number of brands including CTD Tiles, CTD Trade and CTD Architectural Tiles, producing an annual total annual revenue of around £75m.
However, under the terms of the deal, 56 CTD stores will close.
Topps said the remaining stores being acquired had total sales of around £20m in the year to June 2024. The group said that as well as adding 30 new stand-alone stores to its estate, the acquisition will provide an opportunity for it to make an entry into the housebuilder 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.”
“We are excited about the future of CTD within the Topps Group and look forward to welcoming our new colleagues to the business”, he added.
Interpath acted as administrators for CTD Tiles.