Coventry-based Capitol Tile Supplies Limited, which fell into administration on 8th November 2018 following insurmountable financial difficulties, has been sold to two separate entities by administrator Begbies Traynor.
Joint administrators Brett Barton and Julie Palmer of Begbies Traynor completed the sale of the majority of the business Mo Iqbal, Chairman of Tile Mountain, who will take forward its wholesale and distribution operations. Iqbal has taken on just the main distribution centre in Coventry, plus the trade counter on site.
Explaining the reason for taking just one of the distribution warehouses, Mo Iqbal told DIY Week: “One of the reasons the business failed is due to the extra cost of the three distribution centres and the fact that stock was too spread out… [We] intend to service all customers from Coventry and carry greater depth of stock. The business will remain in Coventry, and the management team will be led by myself and Tile Mountain’s Managing Director, Jeremy Harris, as directors. We will apply our knowledge of the industry alongside the latest advancements in technology to improve the business’ offering, so that once again the Capitol Tile Group will be recognised as a leader in the B2B sector. I believe this acquisition will sit perfectly alongside Tile Mountain for whom I am Chairman, and that the synergy between the two businesses will be of benefit to both our consumer and trade customers.”
In a separate development, the administrator was also able to save six of Capitol’s 11 retail outlets, following a further deal with tile retailer, B C Ceramics. The move means a significant expansion for BC Ceramics, taking its estate from three showrooms to nine. The business operates retail outlets in Gillingham, Haywards Heath, and St Albans.
Commenting on the news in late November 2018, Brett Barton of Begbies Traynor, said: “Given the immediate financial difficulties the business found itself in, securing a quick sale was absolutely vital to preventing considerable job losses. Today’s agreements will thankfully enable the business to retain the vast majority of its workforce and continue trading from its head office in Coventry.”
More at: https://www.capitol-tiles.com
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