Overview

• The Competition and Markets Authority (CMA) has raised concerns that Topps Tiles' acquisition of CTD Tiles could reduce competition in Dorking, Edinburgh, Inverness, and Aberdeen.
• The £9 million deal, completed in August 2024, involved Topps Tiles purchasing 30 stores and part of CTD's stock after the latter went into administration.
• The CMA's phase 1 investigation found potential for higher prices and worse service in the affected regions, with Topps Tiles given until February 24 to propose solutions.
• MS Galleon, Topps Tiles' largest shareholder, criticized the acquisition as overvalued and poorly planned, calling for strategic changes and a focus on digital transformation.
• Topps Tiles stated it is cooperating with the CMA and highlighted that the majority of the acquisition raised no competition concerns.