At Risk of Administration CTD Tiles Now Seeks Buyer - From TTA

At Risk of Administration CTD Tiles Now Seeks Buyer - From TTA

According to Sky News, CTD Tiles is on the brink of administration and reportedly filed a notice of intention to appoint administrators on Monday 5th August. This provides ten days of security to find a buyer before CTD Tiles officially heads into administration.

The company was acquired by former Body Shop owner Aurelius in 2022 and now trades from 87 stores and employs about 400 people, sadly whose jobs are potentially at risk.

CTD Tiles in Adminstration | Stiled, Topps, Buy

Find 53 out of 86 CTD Stores Will Remain Open Advice and Help. How-to 53 out of 86 CTD Stores Will Remain Open in the Tiling News; Tile News advice boards on Tiling Advice | TilersForums.com. 53 out of 86 CTD Stores Will Remain Open on TilersForums.com Tiling Advice Forum.

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Discussions are said to have taken place between Aurelius and key stakeholders in recent months. The identity of prospective buyers is currently unclear.

Edited by Dan to add this link.

Nigel Peacock on LinkedIn: Why Work At Tile Giant?

To the CTD Tiles Team, We know that yesterday brought some difficult news with the closing of 56 stores, and our hearts go out to all of you who have been…

www.linkedin.com

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At Risk of Administration CTD Tiles Now Seeks Buyer - To continue reading...

 

[bsc ceramics]

Sorry I ment shut the ones that don't make any money. Is Darlington a busy store Dave?

 

[Dave]

Sorry I ment shut the ones that don't make any money. Is Darlington a busy store Dave?

Don’t think it’s as busy as it used to be mate.

 

[Dan]

Their website will be the most valuable and if topps group are buying websites right now, my money is on them wiping poor stores and turning the others into topps then use their website maybe. They might even only want the name and online store.

 

[John Smith]

This is a masterclass by Aurelius on how to take a business that was making profit and stripping it back to its carcass and selling what's left of the bones.
I was a former employee for over 15 years at CTD, as soon as they appointed Jim Barnard as CEO, I know it was game over. This is the guy you get on board to do the dirty work and then disappears into the sunset with a big pay off.
I met the Germans in charge of the CTD takeover in person, they were ice cold and void of any charisma or likability.
They culled a huge number of staff and made all branches run on skeleton crews, followed by getting rid of all delivery vans (CTDs main edge over Topps) and focused solely on the website.
So many people left the business, they were paying stupendous sums of money for people to cover the newly vacated branches. There was one guy who even travelled from Dorset to cover Tonbridge and they paid for him to stay at hotels in the area.
They promoted the brown nosers to area management and offered them obscene wages but gave them absolutely zero autonomy!
I feel bad for the colleagues who remained and now have the insecurity of finding another job but I would love nothing more than for Aurelius to lose money from the whole experiment and for all the brown posers to end up on the dole.

 

[Dan]

Liquidators will liquidate though if nothing could be saved.

Saint Gobain saw they didn't have the online market covered at all with it so got rid during covid then?

Then they sorted out staff they wanted to keep and those that are in shops or departments that aren't making money.

Maybe.

 

[John Smith]

Liquidators will liquidate though if nothing could be saved.

Saint Gobain saw they didn't have the online market covered at all with it so got rid during covid then?

Then they sorted out staff they wanted to keep and those that are in shops or departments that aren't making money.

Maybe.

Saint Gobain offloaded CTD as it did with Jewson ,Grahams etc as it wanted to focus on distribution and manufacturing only in the UK.

Aurelius owes in excess of £1 million to their biggest suppliers that include Vitra, Rak, Mapei, Weber etc
At this stage it appears more likely they will be liquidated rather than sold. They don't own much in the way of assets and any assets they did own, Aurelius have already sold them.

 

[Dan]

The domain name will be worth a few quid. Although they never used it right IMO.

The store locations would have been there decades those that don't owe their landlords might be worth something to another outlet, maybe?

When they sponsored us years back they had CTD Tiles, TileBase and another fancy London brand but can't remember the name of it.

 

[bsc ceramics]

I heard there 23 million in debt.
Don't know how true that is. Lots of miss information going about. Think some stores have shut already and the rest find out on Wednesday

 

[Dan]

23 million feels more like a debt from a massive company. 1 million I thought they'd be able get covered or a payment plan kinda thing. 🤔

 

[John Smith]

I heard there 23 million in debt.
Don't know how true that is. Lots of miss information going about. Think some stores have shut already and the rest find out on Wednesday

I have heard from multiple trusted sources they owe Mapei in excess of £1 million alone! The numbers quoted to me far exceed £2 million.

The only real contender to buy CTD is Headlam Group as I believe they were interested around the time Aurelius bought CTD. However, Headlam group is reporting a big downturn in 2024 so do they really need the burden of a failing tile brand?
Purchasing the web domain makes sense as it drastically reduced the overheads.

We shall find out within the next few days I guess.