Tile firm CTD shuts 56 stores and axes jobs despite Topps rescue deal
Tile supplier CTD Tiles has struck a rescue deal with Topps Tiles after falling into administration but has shut 56 stores and cut 268 jobs. 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
Transcript
00:00Hello, my name's Greg Wright, I'm the Deputy Business Editor of the Yorkshire Post and here are your headlines for this morning.
00:08The tile supplier CTD Tiles has struck a rescue deal with Topps Tiles after falling into administration, but it has shut 56 stores and cut 268 jobs.
00:22The company, which ran 86 stores across the UK and employed 425 staff, fell into insolvency after coming under pressure from a downturn in the home improvement sector.
00:34Administrators from Interpath Advisors said Topps had struck a deal to buy CTD's brands, intellectual property stock, 30 stores and an operation of distribution sites in Leeds and Kings Norton in Birmingham for around £9 million.
00:50My name's Greg Wright, I'm the Deputy Business Editor of the Yorkshire Post.