More than 40 staff made redundant at Tile Giant as 13 stores close with immediate effect

In a statement, the administrators said: “Like many other companies in the retail and home improvement sector, the company had experienced significant trading difficulties over the course of 2022. The company was recently acquired in January 2023, following which the new management team undertook a review of the business and as part of this process determined that there was a greater funding requirement than had been initially anticipated. In addition, 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 to the company.

“After reviewing their options, including running an accelerated sales process, the directors took the difficult decision to file for the appointment of administrators. Immediately following their appointment, the joint administrators sold the business and assets of the company to two parties, as part of an interconnected transaction.”

Stiled Holdings Limited acquired the trading name, goodwill and the business and assets, including the transfer of employees at 56 stores and head office, resulting in continued employment for 255 members of staff. CTD Tiles Limited acquired the business and assets, including the transfer of employees at 13 stores, resulting in continued employment for 48 members of staff.

The statement added: “Under both of these sale agreements, which were interconnected and completed simultaneously, a total of 303 employees were transferred to the purchasers. Unfortunately, 13 stores are not included as part of either transaction and have been closed with immediate effect. It is therefore with regret that the joint administrators have made 43 redundancies. The joint administrators will be providing support to those impacted as a matter of priority.”

The sites to close include stores at Elland Road, Leeds, Shipley and Grimsby. Mr Morley said he was pleased to have been able to secure two transactions which will enable the majority of the company’s stores to continue to trade, and safeguard a significant number of jobs.

Matt Williams, CEO of Stiled Holdings Ltd, said: “ 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.”

Katie Clapham, CTD’s HR and Marketing Director said: “We want all of our CTD colleagues, to feel part of our growth story and provide them the possibility to actively engage in delivering success. We are looking forward to welcoming our new team members.”