On 1st October, specialist investment group, Coverings Ltd., announced a deal with Travis Perkins plc to acquire 100% of retailer Tile Giant.
A bold move in challenging times, this acquisition will see Coverings Ltd., led by Adrian Hinchliffe and Andrew Thirkill, draw on their commercial experience to drive the Tile Giant brand forward.
Bought by Travis Perkins plc in late 2007, Tile Giant has enjoyed a period of sustained growth expanding from 29 to 82 retail stores, with a business turnover in excess of £50 million. It has been sold as part of Travis Perkins’ strategic drive to simplify the Group, and focus on trade customers.
“These have been turbulent times for the tile industry, but we firmly believe in what Tile Giant has created with Travis Perkins, with its core proposition of delivering high quality, commercially competitive tiles and accessories to the UK retail market,” says Thirkill.
“This investment safeguards the future for Tile Giant, and supports the industry to grow as a whole. Home improvement retailers have seen a strong return to business post lockdown, with sales buoyant as homeowners look to reinvest within their properties,” he expands.
Post-acquisition, Tile Giant will operate autonomously; continuing to pursue its individual strategy for growth. It will continue to trade under the guidance of its existing senior leadership team led by Managing Director, James Heese.
“I would like to thank Travis Perkins Plc for their guidance and unwavering support throughout the successful transformation of the Tile Giant business,” says Heese. “Coverings Ltd. recognise that they have acquired a fantastic business with significant growth potential. This is a new and exciting chapter for Tile Giant and we’re delighted to be working with Coverings Ltd. to accelerate our growth over the coming years.”
Tile Giant is one of the leading tiling retailers in the UK through its 82 stores and tilegiant.co.uk.
Coverings Ltd was advised on the deal by Roger Esler of independent financial advisory firm Dow Schofield Watts (corporate finance), and Dan McCormack of Lupton Fawcett (legal).
Travis Perkins plc was advised by Freeths.
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