For immediate release
3 October 2024
Topps Tiles plc
("Topps Group" or the "Group")
CMA update
On 19 August 2024, Topps Group announced that
it had acquired the CTD Tiles brands, 30 stores, selected stock and
all related intellectual property from CTD Tiles Limited (the
"CTD Business") acting by
its administrators, James Lumb and Will Wright of Interpath
Limited, for a consideration of £9 million (the "CTD Acquisition").
Topps Group notes that, further to its
announcement of 2 October 2024, the UK Competition and Markets
Authority (the "CMA") has
now served an initial enforcement order under section 72(2) of the
Enterprise Act 2002 (the "IEO") on Topps Group in relation to the
CTD Acquisition.
An IEO is routinely applied in cases where the
CMA reviews a completed transaction. It requires Topps Group
and its subsidiary, Tiles4Less Limited, to, amongst other things,
refrain from taking any further action to integrate the CTD
Business into the Group and ensure that, except with the consent of
the CMA, the CTD Business is carried on separately from the Topps
Group business until the CMA review process has
concluded.
The Group is actively working with the CMA to
ensure compliance with the IEO.
A further announcement will be made in due
course.
For further information please
contact:
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Topps Tiles Plc
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|
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Rob Parker, CEO
Stephen Hopson, CFO
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0116 282
8000
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Citigate Dewe Rogerson
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Kevin Smith
Ellen Wilton
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020 7638
9571
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Notes to Editors
Topps Tiles
Plc is the UK's largest specialist supplier of tiles and associated
products, targeting the UK domestic and commercial markets and
serving homeowners, trade customers, architects, designers and
contractors from 301 nationwide Topps Tiles stores, 30 CTD Tile
stores, a range of direct business to business selling teams, and
nine customer-facing websites: www.toppstiles.co.uk,
www.parkside.co.uk,
www.protilertools.co.uk,
www.northantstools.co.uk,
www.premiumtiletrim.co.uk,
www.warmfloorstore.co.uk,
www.flooringmaterials.co.uk,
www.tilewarehouse.co.uk
and www.ctdtiles.co.uk.
Since
opening its first store in 1963, Topps has maintained a simple
operating philosophy ‐ inspiring customers with unrivalled product choice and
providing exceptional levels of customer service. For further
information on the Group, please visit www.toppsgroup.com.
