Topps Tiles swoops for stricken counterpart in £9m deal

Leicester-based Topps Tiles has bought Birmingham-based CTD Tiles’ brands, 30 stores, selected stock and all related intellectual property out of administration in a deal worth £9m.

Administrators from Interpath were appointed to CTD on Monday (August 19). The firm supplied tiles to the retail, trade and commercial markets through a collection of related brands including CTD Tiles, CTD Trade and CTD Architectural Tiles, with total annual revenue of around £75m.

The stores being acquired by Topps Group had total sales of around £20m in the year to the end of June.

The remaining 56 CTD Tiles stores not being acquired will be disposed of through the administration.

The acquired stores and other assets will continue to trade under the CTD brand name.

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. “The acquisition of 30 high quality stores and selected supporting infrastructure, together with the intellectual property and customer data required to service CTD’s existing commercial customers in the housebuilding and A&D markets, provide us with an opportunity to make material progress towards our Mission 365 sales goal.

“We are excited about the future of CTD within the Topps Group and look forward to welcoming our new colleagues to the business.”