UK retail chain CTD Tiles has reportedly filed a notice of intention to appoint administrators.
According to Sky News, Interpath Advisory will oversee the company’s sale, which could lead to a pre-pack administration later on this month. However, at this time, it is currently unknown who the prospective buyer is.
Earlier this year, CTD Tiles was named as the“fastest growing online tile brand” in the UK. However, the company’s revenue has reportedly decreased by around 30% this year, down from £113m in 2023.
The company has 87 retail locations across the UK, and is currently owned by Aurelius Investments, who acquired the business in 2022.
This follows recent related news that other tile brands had been struggling to stay afloat in the current turbulent economy.
Earlier this year, Staffordshire-based manufacturer Johnson Tiles announced plans to close its production facility in Tunstall to move to an outsourced production model, saying it has become “increasingly unsustainable” to manufacture tiles in the UK.
kbbreview has reached out to CTD Tiles for comment, but the company said it had no comment to offer at this time.