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 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.
