The Competition and Markets Authority is to review Tops Tiles £9m purchase of failed chain CTD Tiles.
The CMA has told the group it will examine August’s deal -which included 30 stores – under UK merger control.
Shareholders were also told that group sales had broadly returned to 2022’s level after a record year, dropping by 5.7% to £263m. The group has a medium-term objective of sales reaching £365m. Q4 sales showed an improvement, helped by weaker comparatives, down 4.4%.
Sales at Topps Tiles stores dropped by 8.2%, with like-for-like-sales down 9.1%. ‘Sales to trade customers have continued to be more resilient than sales to homeowners.’
‘In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform,’ says Rob Parker, Topps Group ceo.
