Topps Tiles Plc has acquired CTD Tiles from administration, led by joint administrators James Lumb and Will Wright of Interpath Advisory, for £9million.

The acquisition includes CTD Tiles, CTD Trade and CTD Architectural Tiles brands, 30 stores, selected stock and all related intellectual property.

All will continue to trade under the CTD brand name.

Sponsored Video

SALICE - Hinges, runners and sliding systems for furniture

The requested content cannot be found

SALICE - Hinges, runners and sliding systems for furniture

Alongside the 30 stores, the acquisition will provide Topps Group with the opportunity to make a “meaningful” entry into the housebuilder segment and expand its share of the A&D segment.

Prior to entering administration on August 19, 2024, CTD supplied tiles to the retail, trade and commercial markets with total annual revenue of around £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 around £50 million in the year to June 2024..

The remaining 56 CTD Tiles stores, not being acquired, will be disposed of through the administration.

According to Topps Group, the acquired stores had total sales of around £20 million in the year to June 2024, CTD’s commercial business was circa £16 million from the housebuilder segment and £8 million from the architect and designer segment in the same period.

Consideration for the acquisition will be satisfied from the Group’s existing financial resources and is expected to gradually grow Topps Group earnings in the year ending September 30 2025.

Topps Group CEO Rob Parker 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.

“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 and A&D markets, provide 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.”