Topps Tiles agrees £50m refinance

THE retailer Topps Tiles has agreed a new five-year £50m financing package with the Royal Bank of Scotland and Barclays.

The banks, the firm’s existing lenders, said the revolving credit facility will help to support Topps Tiles’ store expansion programme as well as investment in its existing portfolio.

The company has its head office in Leicestershire, but its administrative base is in Handforth, Cheshire. It has 328 shops.

Last month it posted an 11.7% increase in half-year sales to £97.7m.

Chief financial officer Rob Parker said: “We have strengthened our market leadership position significantly in recent years and have a well-established strategy for further expanding our market share. We are delighted to continue our relationship with RBS and Barclays and the facility provides a sound platform for our continued expansion.”

Sam Reynolds, relationship director at RBS Manchester, said: “Topps Tiles is a brand that is recognised throughout the country by customers for an excellent range of products and customer service. We have developed a strong relationship with the management over the years and look forward to the business fulfilling its strategic growth plan in the coming years.”