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TF: 53 out of 86 CTD Stores Will Remain Open
Stiles Limited gain Ipswich, Cricklewood, Chelmsford, Eastbourne, Aintree, Rochdale, Exeter, Plymouth, Basildon, Cambridge Central, Blackpool, Slough, Dundee, Stirling, Whetstone and Sutton Coldfield.
Kajaria (india's largest tile manufacturer, apparently) gain Brierley Park, Chester, Colchester, Coventry, Croydon, Derby and Northampton.
Joint administrators James Lumb and Will Wright from Interpath Advisory have reached agreements with the two companies, who will take ownership of the stores, as well as acquire their lock, stock and barrels.
At risk of administration in early August, CTD Tiles started to seek a new buyer. Topps Group who recently acquired online tile outlets and tool suppliers in what now must be the greatest amount of investment spent in the tile industry in the UK for decades, then acquired 30 stores.
CTD Tiles was acquired by former Body Shop owner Aurelius in 2022 and now trades from 87 stores and employed around 400 staff across the country, in what was a big offload by Saint-Gobain, who are responsible in part for the failings that led to the Grenfell Tower incident under another brand of theirs. Let's hope the adhesive brand doesn't fall foul of the same risky falsified documents to help please the UK government, or whatever that mess was. They've even recently added Saint Gobain to their own logo! The mad heads.
Some quotes about the situation by names you'll never read again are:-
James Lumb, managing director at Interpath Advisory, and joint administrator, commented: “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, CEO of Stiled, said the company was delighted to be able to reopen the stores that had been closed. He added: “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.”
Additionally, Viren Mundra, CEO of Kajaria-UKP Limited, said that the deal to acquire the CTD Tiles stores represents “the next step in our UK expansion and we look forward to serving customers from these seven new locations.”
Our thoughts go out to the staff who haven't yet found work. One can only assume this former Body Shop owner Aurelius who purchased CTD Tiles from Saint-Gobain in 2022 was just out to Pheonix the company and make a few quid.
Somebody needs to connect the dots there. People shouldn't be allowed to do that.
53 out of 86 CTD Stores Will Remain Open to Continue reading...
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Stiles Limited gain Ipswich, Cricklewood, Chelmsford, Eastbourne, Aintree, Rochdale, Exeter, Plymouth, Basildon, Cambridge Central, Blackpool, Slough, Dundee, Stirling, Whetstone and Sutton Coldfield.
Kajaria (india's largest tile manufacturer, apparently) gain Brierley Park, Chester, Colchester, Coventry, Croydon, Derby and Northampton.
Joint administrators James Lumb and Will Wright from Interpath Advisory have reached agreements with the two companies, who will take ownership of the stores, as well as acquire their lock, stock and barrels.
At risk of administration in early August, CTD Tiles started to seek a new buyer. Topps Group who recently acquired online tile outlets and tool suppliers in what now must be the greatest amount of investment spent in the tile industry in the UK for decades, then acquired 30 stores.
CTD Tiles was acquired by former Body Shop owner Aurelius in 2022 and now trades from 87 stores and employed around 400 staff across the country, in what was a big offload by Saint-Gobain, who are responsible in part for the failings that led to the Grenfell Tower incident under another brand of theirs. Let's hope the adhesive brand doesn't fall foul of the same risky falsified documents to help please the UK government, or whatever that mess was. They've even recently added Saint Gobain to their own logo! The mad heads.
Some quotes about the situation by names you'll never read again are:-
James Lumb, managing director at Interpath Advisory, and joint administrator, commented: “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, CEO of Stiled, said the company was delighted to be able to reopen the stores that had been closed. He added: “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.”
Additionally, Viren Mundra, CEO of Kajaria-UKP Limited, said that the deal to acquire the CTD Tiles stores represents “the next step in our UK expansion and we look forward to serving customers from these seven new locations.”
Our thoughts go out to the staff who haven't yet found work. One can only assume this former Body Shop owner Aurelius who purchased CTD Tiles from Saint-Gobain in 2022 was just out to Pheonix the company and make a few quid.
Somebody needs to connect the dots there. People shouldn't be allowed to do that.
53 out of 86 CTD Stores Will Remain Open to Continue reading...
TilersForums.com for Tilers Community, Tilers Talk, Tilers Forums, Jobs, News and more.