Shareholder revolt at Topps Tiles over executive pay

Leicester-based Topps Tiles has been hit by a shareholder revolt at its Annual General Meeting.

The company said that more than 20% of its shareholders voted against resolutions such as its remuneration report an the re-election of non-executive director Diana Breeze – the chair of its remuneration committee.

A statement from Topps said: “Whilst the board fully respects and acknowledges that a shareholder may choose to vote against specific resolutions, the board considers all the resolutions proposed at the AGM to be in the best interests of all shareholders.

The board will continue to engage with shareholders and their representative bodies and will provide a final update in its next annual report.”

In May, Topps launched a growth strategy as it targeted a significant increase in sales.

It hopes to shrug off a challenging market, which is 20% lower than before the pandemic and saw it announce this morning a 6% fall in half-year sales.

“Mission 365” sets out the tile specialist’s ambition to achieve annual revenues of £365m in the medium term – which would be £100m higher than in 2023 – with adjusted pre-tax margins of 8-10%.