The Watford branch of one of the UK’s biggest tile suppliers has been saved in a rescue deal after the chain fell into administration.
CTD Tiles has shut 56 stores after it collapsed yesterday (August 19) under financial pressure due to a lower demand in the home improvement sector.
The chain’s location in the Watford Trade Park is among 30 shops and two distribution sites which were bought in a rescue deal by rival Topps Group and will remain open.
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Interpath Advisory was appointed as administrators for the national chain, which said the chain's collapse had left 268 workers redundant.
Interpath Advistory managing director James Lumb said difficult market conditions proved “insurmountable” for CTD Tiles and demand has not recovered as much as expected.
He added: “The transaction with Topps Group provides continuity for a considerable number of staff and stores as part of a major tiles group. We are working with the team to ensure a smooth transition for customers and suppliers.”
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