Following CTD Tiles’ notice of intent to file for administration, first reported by Sky News on 5 August, Topps Tiles has announced its acquisition of the CTD Tiles brand along with 30 stores from the company. The acquisition is said by Topps to be part of an effort to make a meaningful entry into the housebuilder market.
Additionally, Stiled, owner of Tile Giant and Tile Choice, has announced it will be taking forward 16 stores, having acquired the stock, fixtures, and fittings from the administrators of CTD. The acquisition will reportedly see over 40 new jobs created across the estate.
Prior to the announcement, CTD traded from 86 stores and employed around 400 people. Sky News reported the company’s revenues were expected to slump by around 30% this financial year owing to reduced activity from its housebuilder clientele.
Interpath Advisory was appointed to oversee the company’s administration and Topps acquired assets including the CTD Tiles, CTD Trade and CTD Architectural Tiles brands, in addition to 30 stores, as part of a £9m deal. The remaining 56 stores are to be disposed of through the administration.
Rob Parker, Topps Group chief executive, 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.” The acquired stores will retain CTD branding under the new ownership.
Both Topps and Stiled have urged former CTD employees to apply for vacancies across the group.