Topps Tiles has announced the closure of 23 stores, representing 7 per cent of its 319 outlets, as part of cost-saving measures in response to a challenging home improvement market and rising operational costs.
The Leicestershire-based retailer said eight stores have already closed since last September, with the remaining 15 expected to shut over the next six months. The company did not disclose the potential impact on jobs.
Chief executive Alex Jensen said: “In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half. These actions are designed to support year on year profit growth and provide a stronger financial platform for 2027 and beyond.”
The group reported a marginal sales dip of 0.1 per cent to £142.7 million in the six months to 28 March, affected by a lengthy competition process following its acquisition of CTD in 2024. Excluding CTD, sales rose 2.1 per cent, though growth slowed to 0.6 per cent in the second quarter.
Topps said it performed better than the wider DIY and home improvement market. The cost savings are expected to impact sales but boost profitability. The firm also bought the brand of collapsed rival Fired Earth in a £3 million rescue deal in December.
