Topps Tiles in £5.3m swoop for counterpart
Enderby-based Topps Tiles has taken a majority 80% stake in Strata Tiles, in a deal worth up to £5.3m.
The acquisition also involves the grant of put and call options relating to the purchase by the Group of the remaining 20% of the issued shares in Strata, which are exercisable in 2021.
Strata has offices in Guildford and a showroom in Bermondsey. It is a leading supplier of porcelain, polished concrete, mosaics, natural stone and technical stone tiles for commercial design projects. Key market segments include transport, retail, building cladding projects, university buildings and residential apartment blocks.
Matthew Williams, chief executive, said: “Our commercial business is already expanding at pace, with sales in the first half growing by around three times year on year. The acquisition of Strata will accelerate this expansion and demonstrates our commitment to building a commercial business of quality and scale. Strata is a well-regarded and well-run business with a strong brand; and we look forward to welcoming the Strata team into the Topps Group.”
Established in 2002 by the vendors, Jonathan Wiles and Paul Wallis, who will remain with the business, Strata will be integrated into the Group’s commercial business unit, established following the acquisition of Parkside Tiles in August 2017. The Strata brand will be retained.