Tile Giant sold in pre-pack deal with former Topps boss

No comments

Specialist retailer Tile Giant has been sold in a pre-pack administration deal.

The retailer appointed administrators yesterday who immediately sold the bulk of the business to former Topps Tiles chief executive Matt Williams’ Stiled Holdings.

Tile Giant was acquired by Stiled Holdings last month. The retailer was said to have experienced “significant trading difficulties over the course of 2022” and, following the deal, it was “determined that there was a greater funding requirement than had been initially anticipated” and “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 and reducing their credit terms”.

Administrators from Interpath Advisory sold the business and assets of the company to Stiled Holdings and CTD Tiles as part of an interconnected transaction.

Stiled took the trading name, goodwill and the business and assets, including the transfer of employees at 56 stores and head office, preserving 255 jobs.

CTD Tiles transferred employees at 13 stores, safeguarding 48 jobs.

Thirteen stores were not included in the deals and close with immediate effect at the cost of 43 jobs.

Williams said: “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.”

Interpath Advisory director and joint administrator Neil Morley 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.”