As Topps Tiles reports returning to sales growth, CEO Rob Parker has announced he will be leaving the business, just weeks after the company was publicly slammed by its biggest shareholder for alleged business failings.
Parker reportedly informed the company of his intention to retire following “an extended period of consideration”. Following his decision, Topps Tiles says it has activated its succession plan and begun the search for his successor.
Rob Parker joined Topps Group in 2007, and served as the company’s chief financial officer for 12 years before becoming CEO in 2019. Topps Group says he will remain in his post until an appropriate successor has been appointed, which it anticipates will be before the end of 2025.
The news comes just weeks after the chairman of Topps’ biggest shareholder, Austrian-based investor MS Galleon, called for a complete overhaul of the company’s senior management and strategy. MS Galleon chairman Piotr Lipko reportedly sent a letter to Topps chairman Paul Forman, highlighting what he called “costly blunders” made by the tiling retailer.
Lipko described Topps’ acquisition of CTD Tiles in August 2024 as “unequivocally irrational” and “highly detrimental” to the interests of the business, and added that he had “grown frustrated” with Forman’s lack of engagement.
After Lipko’s comments were originally reported by The Times, Topps Tiles defended its acquisition of CTD Tiles, calling the move “strategically compelling” as CTD was a trade-focused business. The company also justified its prior trading results – which showed a 5% year-on-year decline – by explaining that because the market as a whole was down by an estimated 10-15%, it considered the results to be a positive outcome.
On the topic of Parker’s retirement, a spokesperson for the company said: “Rob will retire later this year after 18 years on the Board and after six years as CEO – with the business building strong momentum with its Mission 365 growth strategy and with a strong management team in place, he feels late 2025 will be a good point for him to step back from executive roles and move into the next stage of his career. It’s a decision he has been mulling for some time and is unrelated to other recent events.”
With the release of Topps Tiles’ trading update for Q1 today, it appears that the company has been vindicated, as it has returned to positive trading after a series of disappointing financial results.
Topps says group sales in the 13 weeks ending December 28 were up by 4.6% year-on-year, with sales in the most recent five-week period up by an impressive 12.9%. Like-for-like sales were up by 3.5% year-on-year across the whole 13 week period, and up by 12.5% in the most recent five-week period. It is worth noting that these figures do not include sales attributed to the group’s recently acquired CTD Tiles business.
The retailer attributed the Q1 sales improvement to a strengthening of its trade offer, as it saw growth in trade revenues at both Topps Tiles and Pro Tiler Tools. Further reinforcing this, Topps says the total number of active trade customers at the end of Q1 was up 7% year-on-year, for a total of 141,000 registered members.
Topps Tiles is considered to be the biggest tile retailer in the UK, and operates more than 300 stores across the country.
Reflecting on Parker’s legacy, Topps Group chairman Paul Forman said: “Rob has made an enormous contribution to the development and success of the business over the last 18 years. During his time as CEO, he has overseen a period of significant diversification and growth of the business, and has led the Group through a particularly volatile period for the UK economy, including the Covid pandemic.
“He will leave with the Group well-positioned and we are grateful for his continuing leadership and commitment while we complete a managed transition to his successor. On a personal note, I would like to thank Rob for the support, professionalism and insight he has given me as a newly appointed Chair.”
Forman also added: “We are pleased to see the Group return to sales growth in the first quarter of the new financial year, supported by our strong trade offer and continued strategic progress, particularly with our digital and omnichannel growth initiatives. Whilst it is early in the financial year and macroeconomic indicators remain mixed, we are pleased that our growth strategy is delivering strong results.”