The Bolton branch of tile supplier CTD Tiles has shut — despite the company striking a rescue deal after falling into administration. 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 Bolton Food and Drink Festival 2024: Everything you need to know Travellers move onto park near football playing fields James Lumb, managing director at Interpath Advisory and joint administrator of CTD Tiles, said tough market conditions proved “insurmountable” for the suppl.