Topps Tiles Closes 23 Stores

Topps Tiles, a Leicestershire-based tile retailer, announced the closure of 23 underperforming stores, representing 7% of its 319-strong estate, as part of significant self-help measures to cut costs. Eight stores have already closed since last September, with the remainder to follow over the next six months. These actions, along with savings at its head office, are being implemented by chief executive Alex Jensen to support year-on-year profit growth amidst a tougher home improvement market, subdued consumer sentiment, and rising costs. The company reported a 0.1% decline in sales to £142.7 million in the six months to March 28, partly due to a competition process and disposal program required by the United Kingdom — Competition and Markets Authority after Topps Tiles acquired CTD out of administration in 2024. Topps Tiles also acquired the brand of collapsed rival Fired Earth in a £3 million rescue deal in December. The company aims to return CTD to profit in 2025-26 and expects the cost-saving efforts to impact sales but enhance profitability.