Topps Tiles snags majority stake in online tiling supplier
Topps Tiles has snagged a majority stake in an online tiling supplier, in a bid to bolster its retail and commercial brands.
The London-listed tiling company has acquired a 60 per cent share of the supplier for £5.3m in cash.
Chief executive Rob Parker added that the deal also moves the company closer to its 20 per cent market share goal of ‘one in five by 2025’.
“The development of our digital offer remains an important area of focus for the Group and we have plans in place to expand this further in 2022,” he said.
It comes as Topps retail margins have recovered slightly amid spiralling energy costs and raw material inflation.
The tile specialist also announced that it is on track to deliver an adjusted profit before tax in line with expectations for the full-year.
“Trading for the year to date is in line with our plan and we are confident of delivering performance in line with our expectations,” Parker continued.