Yorkshire investment firm buys Tile Giant

Left to right: DSW Corporate Finance team – Roger Esler, Matt Spence, Jonathan Wilkinson and Paul Herriott

Coverings, led by entrepreneurs Andrew Thirkill and Adrian Hinchliffe, said it plans to expand the Tile Giant brand.

Bought by Travis Perkins in 2007, Tile Giant has seen a period of sustained growth expanding from 29 to 82 retail stores, with a business turnover in excess of £50m.

It is being sold as part of Travis Perkins’ strategic drive to simplify the group and focus on trade customers.

Mr Thirkill said: "These have been turbulent times for the tile industry, but we firmly believe in what Tile Giant has created with Travis Perkins, with its core proposition of delivering high quality, commercially competitive tiles and accessories to the UK retail market.

“This investment safeguards the future for Tile Giant, and supports the industry to grow as a whole. Home improvement retailers have seen a strong return to business post lockdown, with sales buoyant as homeowners look to reinvest within their properties.”

Post-acquisition, Tile Giant will operate under its own autonomy under the guidance of its existing senior leadership team and managing director James Heese.

Mr Heese said: “I would like to thank Travis Perkins for their guidance and unwavering support throughout the successful transformation of the Tile Giant business.

"Coverings recognise that they have acquired a fantastic business with significant growth potential. This is a new and exciting chapter for Tile Giant and we’re delighted to be working with Coverings to accelerate our growth over the coming years.”

Coverings was advised on the deal by Roger Esler of independent financial advisory firm Dow Schofield Watts (corporate finance), and Dan McCormack of Lupton Fawcett (legal).

Mr Esler said: “Deals with commercial merit are still getting done where there is pragmatism on all sides.

"The economic recovery is taking hold and there is growing optimism for the UK, despite the headwinds. The Coverings team has a robust long term vision for Tile Giant as an independent, specialist business and we are delighted to have advised them on this strategic acquisition.”

Mr McCormack added: “We are delighted to have supported Coverings on the transaction.

"I’m sure the resilience shown by the team to get the deal done in spite of the tough economic climate we are all trying to navigate through at the moment will stand them in good stead and help them fulfil the obvious potential for growth that Tile Giant has.”

Travis Perkins was advised by Freeths.