Former Topps Tiles CEO acquires Tile Giant out of administration
Some 13 stores were not included as part of either transaction and have been closed with immediate effect leading to 43 members of stuff being made redundant
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Specialist retailer Tile Giant has been sold out of administration to two separate companies; Stiled Holdings and CTD Tiles.
Interpath Advisory were named as administrators on 13 February 2023 and instantly sold the business to the two parties.
Stiled Holdings, which is lead by the former Topps Tiles CEO Matt Williams, purchased the trading name, goodwill and the business and assets, including the transfer of employees at 56 stores and head office. This has resulted in 255 jobs being saved.
CTD Tiles bought the business and assets, including the transfer of employees at 13 stores which has resulted in continued employment for 48 staff.
Some 13 stores were not included as part of either transaction and have been closed with immediate effect leading to 43 members of staff being made redundant.
Neil Morley, director at Interpath Advisory and joint administrator, said: “While retailers specialising in DIY and home improvement enjoyed a period of growth during the pandemic, the squeeze on disposable income caused by the current cost-of-living crisis is now starting to place significant pressure on cash flow.
“We’re therefore pleased to have been able to secure these two transactions which will enable the majority of the Company’s stores to continue to trade, and importantly, safeguards a significant number of jobs.”
Matt Williams, CEO of Stiled Holdings, added: “Today is an important day for all stakeholders at Tile Giant, and particularly for its customers. Our focus as the new owner will be to put the customer at the centre of everything we do; that starts with ensuring that all existing orders are honoured and fulfilled in a timely and convenient way.
“I am thrilled to have the opportunity to lead Tile Giant back to growth, profitability and unleash the potential of the brand.”
Tile Giant was headquartered in Leeds and operated from more than 80 stores across the UK.
The company was recently acquired in January 2023, following which the new management team undertook a review of the business which found that there was a greater funding requirement than had been initially anticipated.
In addition, the level of creditor pressure experienced by the company was increasing, with a number of creditors beginning to take action in relation to unpaid arrears.
