Topps Tiles has announced the closure of 23 stores, representing 7 per cent of its 319 outlets, as part of cost-cutting measures amid a challenging home improvement market and rising operational costs.
The Leicestershire-based chain said eight of the underperforming 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 its workforce.
Chief executive Alex Jensen said the closures are part of a targeted programme of self-help measures 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, though like-for-like sales rose 2.1 per cent when excluding the CTD business.
The cost savings are set to impact sales but boost profitability, the group said. Topps Tiles acquired CTD out of administration in 2024, which led to a Competition and Markets Authority probe and required the sale of several stores. The firm also bought the brand of collapsed rival Fired Earth in a £3 million rescue deal in December.
The group reported a statutory pre-tax profit of £8.3 million in the year to September, swinging from a £16.2 million pre-tax loss a year earlier, and said it is on track to return the CTD arm to profit in 2025-26.
