Topps Tiles announced on Monday that it had acquired CTD Tiles brands, 30 stores, selected stock and all intellectual property from the administrators Interpath for £9m.
- The transaction will save 92 jobs. Workers at the thirty stores will move to Topps Tiles.
- 65 staff will stay on with the joint administrators as part of the transitional services agreement to conduct administration.
- 268 staff across the CTD business have been made redundant.
- The remaining 56 stores closed.
CTD entered administration on August 19, 2024, and previously supplied tiles to the retail, trade and commercial markets with total annual revenues of circa £75m.The 30 stores being acquired by Topps Tiles had total sales of circa £20m in the year to June 2024. Topps has also acquired all of CTD’s brands, selected stock and customer data.Topps said the acquisition will provide it with the “opportunity to make a meaningful entry into the housebuilder segment”.Topps Group chief executive Rob Parker: “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 markets, provides 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.”
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