Business
Acquisition of CTD Tiles brand and certain assets
Acquisition of CTD Tiles brand and certain assets.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n\n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n19 August 2024\nTopps Tiles Plc\n \nAcquisition of the brand and certain assets of CTD Tiles\n \nPortfolio of 30 CTD Tiles stores to form new business within Topps Group\n \n \nTopps Tiles Plc (\"Topps Group\", or the \"Group\"), announces that it has acquired the CTD Tiles brands, 30 stores, selected stock and all related intellectual property from CTD Tiles Limited (\"CTD\"), acting by its administrators, James Lumb and Will Wright of Interpath Limited, for a consideration of £9 million (the \"Acquisition\").\n \nPrior to entering administration on 19 August 2024, CTD 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 c.£75 million. The CTD retail business operated 86 stores across the UK, each with a separate trade and retail showroom, and had total store revenue of c.£50 million in the year to June 2024. In addition, CTD's commercial business reported revenues of c. £16 million from the volume housebuilder segment and c. £8 million of revenues from the Architect and Designer (\"A&D\") segment in the same period.\n \nThe stores being acquired by Topps Group had total sales of c. £20 million in the year to June 2024, and the Acquisition also includes all the CTD brands, selected stock and customer data. As well as adding 30 new well-established stand-alone stores to the Topps Group estate, the Acquisition will provide Topps Group with the opportunity to make a meaningful entry into the housebuilder segment and expand its existing share of the A&D segment. The remaining 56 CTD Tiles stores not being acquired will be disposed of through the administration.\n \nThe CTD brand is complementary to the Group's existing businesses and the acquired stores and other assets will continue to trade u...