Topps Tiles’ £9m CTD Tiles takeover gets green light

Topps Tiles has received approval from the Competition and Markets Authority for its £9m takeover of CTD Tiles.

The group reported that the watchdog “did not identify any competition concerns in 26 out of 30 CTD retail store locations or in either the CTD Architectural or Housebuilder businesses, which operate on a national basis”.

The retailer has agreed to sell the four remaining stores in Dorking, Edinburgh, Inverness, and Aberdeen that the CMA had initally raised competition concerns over.

Topps said the store divestment was “being executed at pace and is expected to complete in the coming months”.

Following the conclusion of the CMA’s investigation, the Initial Enforcement Order which had restricted Topps’ management and integration of CTD has been lifted.

The tile specialist said the business will now conduct “an immediate review” of the retained CTD business and provide an update on its performance and strategy as part of its interim results announcement on 20 May.

At the start of the year, Topps Tiles chief executive Rob Parker revealed he would be retiring from the business after 18 years.

Parker’s departure comes as the retailer reported it had returned to growth during the golden quarter, with group sales up 4.6% in the 13 weeks to 28 December and 12.9% in the most recent five-week period.

It attributed the improvement to the “robust growth” in trade revenue at both Topps Tiles and Pro Tiler, which jumped 13.5% and 20% respectively.

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