Topps Tiles has acquired the CTD Tiles brands and certain assets for £9 million after the company fell into administration.
The acquisition from administrators James Lumb and Will Wright of Interpath includes CTD’s brands – CTD Tiles, CTD Trade and CTD Architectural Tiles – as well as 30 retail stores, selected stock and all related intellectual property from CTD Tiles Limited.
CTD Tiles was previously owned by Aurelius Investments, who acquired the business in 2022. It operated 86 stores across the UK, but the 56 stores that have not been acquired by Topps will “be disposed of through the administration”, according to a statement.
Earlier this month, it was reported that CTD Tiles had filed a notice of intent to appoint administrators. Interpath Advisory was appointed to oversee the company’s sale, with hopes that it could lead to a pre-pack administration deal.
Prior to entering administration, CTD supplied tiles to retail, trade and commercial markets through its brands. Combined, these brands were said to generate total annual revenue of £75 million. CTD Tiles’ commercial business arm was said to generate revenues of £16 million from the volume housebuilder segment, and £8 million from the A&D market sector.
Topps Tiles – a subsidiary of Topps Group – believes that this acquisition will help it both make an entry into the housebuilder sector of the market, as well as expand its existing share of business in the A&D market.
The CTD brand is considered to be “complementary” to Topps Tiles’ existing business model, and so the newly acquired stores will continue to trade under the CTD name.
Rob Parker, Topps Group CEO said that the CTD was a great fit for his company, and said that the acquisition will create a new and complementary tile business within the Topps Group.
He commented: “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.”
He concluded: “We are excited about the future of CTD within the Topps Group and look forward to welcoming our new colleagues to the business.”
At the start of 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.
