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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[Dan]

This is not good news! Another 400 people from within our industry are probably going to need a new job somewhere else in the industry or even worse, we lose them to an Amazon Warehouse or something.

Sky News reports that CTD Tiles Limited has today filed a notice of intention (NOI) to appoint administrators.

The act of filing an NOI provides CTD with ten days in which it is protected from creditor action, during which the company can determine a way to proceed to avoid insolvency.

The Birmingham-based company is a key player in the tile sector which, alongside its competitors, has suffered amid challenging trading conditions. A core part of CTD's business is B2B sales to housebuilders, who have been impacted by a subdued housing market.

CTD Tiles trades from a network of 87 stores and several trading distribution hubs, employing around 400 staff. Sources told Sky News that revenues at the company are expected to fall by around 30% in 2024, down from £112.5m for the year ending 31st March 2023.

It is believed that Interpath Advisory is supporting the business as it seeks to find a buyer. A pre-pack administration deal is thought to be a likely outcome but a potential buyer is yet to be named.

The CTD Tiles LinkedIn page said:

"Global yet local, CTD Tiles acknowledges the importance of a truly local service where customers and trade can visit a store and liaise directly with a team of in-house specialists. With Tile Showrooms and Trade Centres across the country, CTD Tiles provides an ever-growing network of local knowledge for both commercial and domestic needs."

Private investment firm Aurelius, which acquired the CTD business in February 2022 from Saint-Gobain, declined to comment when approached by Sky News.

 

[bsc ceramics]

Really sad to see. Let's hope some at least are saved. I use Chichester branch and they always seem busy. Lot of trade guys.
The staff are great. 2 girls and a part time fella.

 

[Dan]

I know @Dave has used them for years and rates his local one highly. Think he's moved since though not sure if he still uses them.

They own TileBase and something else I can't remember the other brand. Anyone know if those too are in the same boat? (I'd assume so as the shop type was the same - think they just bought them out years ago to get more stores quickly)

 

[Dave]

I know @Dave has used them for years and rates his local one highly. Think he's moved since though not sure if he still uses them.

They own TileBase and something else I can't remember the other brand. Anyone know if those too are in the same boat? (I'd assume so as the shop type was the same - think they just bought them out years ago to get more stores quickly)

I do still use them but how long for 🤷‍♂️

 

[Dan]

Hopefully somebody buys them out.

 

[bsc ceramics]

Where is your local branch Dave

 

[Dave]

Where is your local branch Dave

Darlington

 

[bsc ceramics]

I think someone will buy it and keep the ones that don't make money and keep the ones that do. They've already closed the one's on jewsons sites cos the rents went through the roof

 

[Dave]

I think someone will buy it and keep the ones that don't make money and keep the ones that do. They've already closed the one's on jewsons sites cos the rents went through the roof

The owners will deffo close the stores not making a profit imho. They will cash in on assets. Fingers crossed a buyer comes in.

 

[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.