CTD Tiles Closes 56 Stores, Topps Tiles Acquires Some Assets

CTD Tiles has entered administration and reached a rescue agreement with competitor Topps Tiles, resulting in the closure of 56 stores and the immediate redundancy of 268 employees. Administrators from Interpath Advisory confirmed that Topps Tiles has acquired CTD’s brands, intellectual property, stock, and 30 stores, along with the operation of distribution sites in Leeds and Kings Norton, Birmingham, for approximately £9 million. Of the workforce, 92 employees will transition to Topps Tiles, while 65 will remain with the administrators to facilitate the transition. The acquisition comes as CTD Tiles faced insurmountable challenges in a tough market, with managing director James Lumb noting that consumer and trade demand did not recover as anticipated. Despite generating around £75 million in revenue over the past year, the company struggled to maintain its operations, leading to the difficult decision to close a significant number of its locations. Topps Group chief executive Rob Parker expressed optimism about the acquisition, stating that the CTD brand and assets align well with their existing business model. He emphasized that the integration of CTD will create a complementary specialist tile business within the Topps Group, which operates under a different retail model that includes separate trade and retail offerings. As the transition unfolds, Topps Group is committed to supporting affected employees, with specialized teams assisting those impacted by the redundancies in navigating the Redundancy Payments Service.