Deals secured to reopen 23 former CTD Tiles stores after collapse
Stiled Limited, which owns Tile Giant, will take on 16 of the sites.
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Your support makes all the difference.Rescue deals have been struck to save 23 former CTD Tiles stores after the supplier went bust last month.
CTD Tiles tumbled into administration in August after coming under pressure from a downturn in the home improvement sector.
It ran 86 stores across the UK and employed 425 staff before its collapse.
Administrators swiftly struck a deal for rival Topps Tiles to buy 30 stores, CTD’s brands, intellectual property, stock and two distribution sites for £9 million.
We are pleased to have reached these agreements which pave the way for a further 23 stores to reopen under new ownership
However, 56 stores were shut and 268 jobs at the business were lost.
On Wednesday, the administrators at Interpath Advisory confirmed they have secured two further deals which will allow 23 former CTD stores to reopen.
Stiled Limited, which owns the Tile Giant and Tile Choice brands and operates 49 stores across the UK, is to take on 16 former CTD Tiles stores and associated stock.
Separately, Kajaria-UKP Limited, a UK joint venture with New Delhi-based tile manufacturer Kajaria Ceramics, agreed to save seven stores and take on associated stock.
James Lumb, managing director at Interpath and joint administrator, said: “We are pleased to have reached these agreements which pave the way for a further 23 stores to reopen under new ownership, and which we hope will create a significant number of new employment opportunities for those former workers who were impacted by redundancy, as well as others in the local communities.
“We’d like to thank all those stakeholders who have helped to get these agreements over the line in such a short timeframe, and wish both Stiled and Kajaria-UKP all the very best of luck for the future.”
Matt Williams, chief executive of Stiled, said: “We are delighted to reopen these stores that had been closed.
“Our focus will be working to establish these locations as Tile Giant and Tile Choice stores with new colleagues to provide market-leading tile ranges.”
Viren Mundra, chief executive of Kajaria-UKP, said: “Kajaria is the seventh largest tile producer in the world, selling premium tiles in over 35 countries.
“We opened the UK’s largest tile showroom in London earlier this year.
“This is the next step in our UK expansion and we look forward to serving customers from these seven new locations.”
– The 16 sites rescued by Stiled are:
Aintree, MerseysideBasildon, EssexBlackpool, LancashireCambridge Central, CambridgeshireChelmsford, EssexCricklewood, Greater LondonDundee, ScotlandEastbourne, East SussexExeter, DevonIpswich, SuffolkPlymouth, DevonRochdale, Greater ManchesterSlough, BerkshireStirling, ScotlandSutton Coldfield, WarwickshireWhetstone, Leicestershire
– The seven sites rescued by Kajaria are:
Brierley Park, Dudley, West MidlandsChester, CheshireColchester, EssexCoventry, WarwickshireCroydon, Greater LondonDerby, DerbyshireNorthampton, Northamptonshire