Tile firm CTD shuts 56 stores and axes jobs despite Topps rescue deal

A rescue deal with Topps Tiles was renegotiated but this has still led to the closure of 56 stores and cut 268 jobs ­— including the Bolton store on Bridgeman Street.

The company, which ran 86 stores across the UK and employed 425 staff, fell into insolvency on Monday after coming under pressure from a downturn in the home improvement sector.

Administrators from Interpath Advisory said competitor Topps had struck a deal to buy CTD’s brands, intellectual property, stock, 30 stores and operation of distribution sites in Leeds and Kings Norton, Birmingham, for around £9 million.

It is understood that 92 workers will transfer to Topps Tiles.

Administrators will also keep on a further 65 people to deal with the transition of the administration process.

But they confirmed that the remaining 56 shops had now shut, with 268 workers being made redundant immediately.

CTD ran sites across the UK with trade and retail showrooms and recorded roughly £75 million in revenues for the past year.

READ MORE: Tile firm CTD shuts 56 stores and axes jobs despite Topps rescue deal

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James Lumb, managing director at Interpath Advisory and joint administrator of CTD Tiles, said tough market conditions proved “insurmountable” for the supplier in recent months “as consumer and trade demand failed to recover in line with expectations”.

He added: “The transaction with Topps Group provides continuity for a considerable number of staff and stores as part of a major tiles group.

“Regrettably, the remaining sites have closed, which has resulted in redundancies.

“We are now focused on supporting those staff and have specialist teams on site working with impacted employees to help make representations to the Redundancy Payments Service where relevant.”

Rob Parker, Topps Group chief executive, said: “The CTD brand and assets are an excellent fit with our existing business and the acquisition creates a new and complementary specialist tile business within the Topps Group.

“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.”

CTD Tiles, one of the UK’s biggest tile suppliers, has shut 56 of its stores after falling into administration.

Administrators of the business said that 268 workers were made redundant after the collapse.

The closure comes weeks after Carpetright shut in Bolton.

Other big names have pulled out of Bolton town centre in recent times including Marks and Spencer and Clinton Cards.

However, 30 of its shops and two distribution sites were bought in a rescue deal by rival Topps Group.

Here is a list of the stores which have been immediately shut and those which have been saved:

– 56 store closures:

Aintree, Liverpool

Ashford, Kent

Aylesbury, Buckinghamshire

Basildon, Essex

Blackpool, Lancashire

Bolton, Lancashire

Brierley Hill, West Midlands

Cambridge Central, Cambridgeshire

Canterbury, Kent

Carlisle, Cumbria

Chelmsford, Essex

Chester, Cheshire

Colchester, Essex

Coventry, Warwickshire

Cricklewood, Greater London

Croydon, Greater London

Denton, Greater Manchester

Derby Ascot Drive, Derbyshire

Dundee, Scotland

Eastbourne, East Sussex

Exeter, Devon

Falkirk, Scotland

Gateshead, Tyne and Wear

Glasgow Helen Street, Scotland

Hanwell, Greater London

Harlow, Essex

Huddersfield, West Yorkshire

Ipswich, Suffolk

Kilmarnock, Scotland

King’s Lynn, Norfolk

Leeds, West Yorkshire

Lincoln, Lincolnshire

Livingston, Scotland

Maidstone, Kent

Newcastle North Shields, Tyne and Wear

Newcastle West Kingston Park, Tyne and Wear

Northampton, Northamptonshire

Peterlee, Scotland

Plymouth, Devon

Portsmouth, Hampshire

Preston, Lancashire

Rochdale, Lancashire

Rotherham, South Yorkshire

Slough, Berkshire

Southampton, Hampshire

St Albans, Hertfordshire

Stirling, Scotland

Stratford Upon Avon, Warwickshire

Sunderland, Tyne and Wear

Sutton Coldfield, West Midlands

Swindon, Wiltshire

Tonbridge, Kent

Uxbridge, Greater London

Wembley Stadium, Greater London

Weston-Super-Mare, Somerset

Whetstone, Leicestershire

– 30 stores rescued by Topps:

Aberdeen, Scotland

Basingstoke, Hampshire

Birkenhead, Merseyside

Cambridge Bar Hill, Cambridgeshire

Chichester, West Sussex

Coatbridge, Scotland

Coulsdon, Greater London

Crawley, West Sussex

Darlington, County Durham

Dorking, Surrey

Edinburgh Seafield, Scotland

Edinburgh Stenhouse, Scotland

Fakenham, Norfolk

Farnham, Surrey

Glasgow London Road, Scotland

Hampton, Greater London

Hull, East Yorkshire

Inverness, Scotland

Newbury, Berkshire

Newcastle Under Lyme, Staffordshire

Norwich, Norfolk

Nottingham, Nottinghamshire

Perth, Scotland

Peterborough, Cambridgeshire

Poole, Dorset

Stockton, County Durham

Warrington, Cheshire

Watford, Hertfordshire

Wimbledon, Greater London

Woking, Surrey