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Topps Tiles has bought the CTD Tiles brand and 30 stores for £9m, but Ipswich's branch is set to close. The deal will save 92 jobs nationwide, but 268 staff members will still be made redundant.
The big picture: CTD Tiles entered administration on 19 August, leading to a partial buyout by competitor Topps Tiles. While some stores will remain open under new ownership, Ipswich's outlet, located at Anglia Retail Park, is among those expected to close.
By the numbers:
30 CTD stores acquired by Topps Tiles
£9m paid for the acquisition
92 jobs saved across the UK
268 staff made redundant company-wide
56 stores, including Ipswich, to close
Why it matters: The closure of Ipswich's CTD Tiles store will impact local jobs, though the exact number of redundancies in our area is currently unknown.
What they're saying: Topps Group chief executive Rob Parker called the acquisition "an excellent fit with our existing business" and said it "creates a new and complementary specialist tile business within the Topps Group."
Between the lines: The deal allows Topps Tiles, who already have an outlet in Ipswich, to expand into the housebuilder market.
The bottom line: While the acquisition secures some jobs and stores nationally, Ipswich's CTD Tiles outlet will close, affecting local workers.
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