A further 23 CTD Tiles stores will now remain open, with two more tile companies agreeing to take ownership of the stores following CTD’s recent administration.
Stiled Limited – the parent company behind Tile Giant and Tile Choice – have agreed to take on 16 former CTD Tiles stores. In addition, Kajaria, which claims to be India’s largest tile manufacturer, has reached an agreement to take on seven of CTD Tiles’ stores.
Joint administrators James Lumb and Will Wright from Interpath Advisory have reached agreements with the two companies, who will take ownership of the stores, as well as acquire their association stock, fixtures and fittings.
Specifically, the stores transferred to Stiles Limited are: Ipswich, Cricklewood, Chelmsford, Eastbourne, Aintree, Rochdale, Exeter, Plymouth, Basildon, Cambridge Central, Blackpool, Slough, Dundee, Stirling, Whetstone and Sutton Coldfield.
The seven stores now transferred to Kajaria are: Brierley Park, Chester, Colchester, Coventry, Croydon, Derby and Northampton.
News of CTD Tiles filing to appoint administrators broke early last month. Soon after, it was announced that Topps Group, the parent company behind Topps Tiles, had acquired the CTD Tiles brands and certain assets for £9 million. This included plans to keep 30 CTD Tiles stores open, which it was agreed would continue to trade under the CTD brand.
James Lumb, managing director at Interpath Advisory, and joint administrator, commented: “We are pleased to have reached these agreements which pave the way for a further 23 stores to reopen under new ownership, and which we hope will create a significant number of new employment opportunities for those former workers who were impacted by redundancy, as well as others in the local communities.
“We’d like to thank all those stakeholders who have helped to get these agreements over the line in such a short timeframe, and wish both Stiled and Kajaria-UKP all the very best of luck for the future.”
Matt Williams, CEO of Stiled, said the company was delighted to be able to reopen the stores that had been closed. He added: “Our focus will be working to establish these locations as Tile Giant and Tile Choice stores with new colleagues to provide market leading tile ranges.”
Additionally, Viren Mundra, CEO of Kajaria-UKP Limited, said that the deal to acquire the CTD Tiles stores represents “the next step in our UK expansion and we look forward to serving customers from these seven new locations.”
Prior to the administration, CTD Tiles operated 86 stores nationwide. The news of more stores being saved means that a total of 53 stores will remain open, meaning 33 of CTD Tiles’ original stores will remain closed.
