Topps Tiles

Last updated

Topps Tiles
Company type Public
LSE:  TPT
Industry Retail
Founded1963
FounderAlan Brindle
Ted Derbyshire
Headquarters
Enderby, Leicestershire
,
United Kingdom
Area served
United Kingdom
Key people
Paul Forman (Chairman)
Rob Parker (CEO)
Products Tiles
RevenueIncrease2.svg £262.7 million (2023) [1]
Decrease2.svg £11.1 million (2023) [1]
Decrease2.svg £3.9 million (2023) [1]
Website www.toppsgroup.com

Topps Tiles plc, trading as Topps Tiles, is a British national tile retailer based in Enderby, Leicestershire. The company was founded by Alan Brindle and Ted Derbyshire in 1963 and currently, employs more than 3000 people. Topps Tiles is listed on the London Stock Exchange.

Contents

History

Topps Tiles was founded in 1963 by Alan Brindle and Edward (Ted) Derbyshire, who opened the company’s first store in Sale, Cheshire. [2] [3] Derbyshire had a varied career before establishing the business, having served in the RAF, worked as a salesman and dairy labourer, and been employed in the furniture industry. He identified a niche for patterned tiles that catered to the growing DIY and home improvement market, which inspired him to start Topps Tiles. [4] Over the years, Derbyshire went on to establish 30 other businesses before retiring and selling Topps Tiles to Stuart Williams and Barry Bester in 1993. [4]

Following its beginnings in 1963, the company continued to grow, with stores opening across the North West and the Midlands. [5] During this time, Tile Kingdom was rapidly expanding in the South of England and, in 1990, Tile Kingdom merged with Topps Tiles, increasing the total number of Topps Tiles stores to 40 across the UK. [6] By 1999, Topps Tiles was trading from 100 locations and was now trading as a PLC. [7]

With a network of stores across the UK, Topps Tiles launched its e-commerce store in 2008 [3] to bring its products to an even wider audience. In 2020, the retailer set an ambitious goal: to secure £1 in every £5 spent on tiles in the UK within five years. [8] [9] The organisation expanded its product lineup in 2024 by introducing Pronto, its luxury vinyl tile (LVT) flooring brand. As of 2024, the company operates 300 stores and continues to offer its full range of products online at www.toppstiles.co.uk. [10]

Mergers, acquisitions and brands

Topps Tiles sits within the Topps Group. [11] The Topps Group is formed of eight brands. [11]

Tile Kingdom

Its first merger was with Tile Kingdom in 1990. [12]

Parkside

In 2017, Topps Tiles acquired the commercial tile retailer Parkside. [11]

Strata

In 2018, the company acquired another commercial tile retailer, Strata. [13]

Pro Tiler Tools

Topps Tiles bought a 60% share in the family-owned tiling supplies business, Pro Tiler in March 2022 and announced that it intended to purchase the remaining 40% after March 2024. [14] [15]

Tile Warehouse

To further diversify its offerings, Topps Tiles launched a new pureplay tile retailer, Tile Warehouse, in May 2022. [16]

CTD Tiles

In August 2024, Topps Tiles acquired CTD Tiles out of administration. [17]

Diversity, equity and inclusion (DEI)

With over 3,000 employees, Topps Tiles is required to report its mean and median gender pay gaps. In 2023, the Group reported a median gender pay gap of 2.4% and a mean gap of 6.5%, while the retail division showed an even narrower gap, with a median of 2.3% and a mean of 2.5%. [18] Both figures are significantly lower than the UK average, where the median pay gap is 14.3% and the mean gap is 13.2%. [19]

Key people

In 2007, Matthew Williams was appointed CEO of Topps Tiles. He served as CEO for 12 years and spent a total of 20 years with the company before stepping down in 2019. [20] In November 2019, the company’s Chief Financial Officer (CFO), Rob Parker, succeeded Williams as CEO. [21]

Darren Shapland served as the tile retailer’s chairman from 2014 to 2023. [22] During his tenure, he faced a shareholder vote after investor MS Galleon called for his removal, describing it as a “necessary step” for the business to return to growth. [23] In October 2023, Paul Forman succeeded Shapland as the new chairman, taking over the role. [22]

Strategic partnerships

Sponsorships

Between 2007 and 2009, Topps Tiles sponsored Leicester City Football Club's shirts. [3] Since the 2020/21 season, Topps Tiles has been the main shirt sponsor and official partner of Leicester Tigers Rugby Club, with this agreement being extended until 2025. [24] Outside of sports, in 2010, Topps Tiles sponsored the ITV Weather [3] and, in 2013, sponsored Daybreak's national weather forecast programme. [25]

Partnerships

In 2014, property expert Phil Spencer became Topps Tiles' first brand ambassador [26] and, in 2017, property developer and TV presenter Sarah Beeny was announced as the company’s second brand ambassador. [27] [28] [29]

Over the years, Topps Tiles has supported various charities. The company’s first charity partnership was with Asthma UK, followed by a partnership with Help for Heroes in 2008. From 2015 to 2022, the tile retailer partnered with Macmillan Cancer Support [30] and, since 2022, Topps Tiles has been working with Alzheimer’s Society. [31]

Other business activities

In 2012, just before celebrating its 50th anniversary, the company unveiled its flagship ‘lab’ store in Milton Keynes. [32]

Continuing its focus on innovative customer experiences, Topps Tiles launched a series of boutique stores in London in 2014. The flagship boutique store in Walton-on-Thames had running costs that were three-quarters the size of a traditional Topps store and offered half of a traditional store’s Stock Keeping Units. [33] In early 2023, Topps Tiles opened its first eco-mindful store in Guildford. [3]

Awards

Tile of the Year

Controversies

During the 2011 recession, shares in Topps Tiles dropped by nearly 30%, [38] while half-year profits fell by 50% compared to the same period the previous year. [38] Commentators attributed this decline, in part, to the growing competition from DIY retailers, which had been expanding their product offerings to include tiles, posing an increasing threat to Topps Tiles' market share. [38]

Following its acquisition of CTD Tiles, Topps Tiles was issued an Initial Enforcement Order (IEO) by the UK Competition and Markets Authority (CMA) in October 2024. The IEO prevented Topps Tiles from fully integrating CTD Tiles into its operations until the CMA had completed a review to ensure that the transaction complies with competition regulations. [39] [40]

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References

  1. 1 2 3 "Annual Report 2023" (PDF). Topps Group. Retrieved 7 January 2024.
  2. ↑ "Topps Tiles sales fall amid spending squeeze". The Times. 5 January 2024. Retrieved 7 January 2024.
  3. 1 2 3 4 5 Tiles, Topps. "Topps Tiles Careers :: About us". Topps Tiles Careers. Retrieved 12 December 2024.
  4. 1 2 Scapens, Alex (2 February 2019). "Tribute paid as Topps Tiles founder Edward Derbyshire dies aged 88". Cheshire Live. Retrieved 12 December 2024.
  5. ↑ "This is what is due to replace Barrow's Topps Tiles store". North West England Mail. 10 May 2021. Retrieved 7 January 2024.
  6. ↑ Verjee, Neelam (22 August 2005). "Merger paved way for tiling's top profile". The Times. Retrieved 7 January 2024.
  7. ↑ "Jack, Rt Hon. (John) Michael, (born 17 Sept. 1946), PC 1997; Chairman, Topps Tiles plc, 2011–15 (non-executive Director, 2000–15)", Who's Who, Oxford University Press, 1 December 2007, doi:10.1093/ww/9780199540884.013.21613 , retrieved 12 December 2024
  8. ↑ Pegden, Tom (1 December 2020). "Topps Tiles wants £1 of every £5 spent on tiles within five years". Business Live. Retrieved 12 December 2024.
  9. ↑ "Topps Group (Overview)". Retail Week. Retrieved 12 December 2024.
  10. ↑ "About us". www.toppstiles.co.uk. Retrieved 13 December 2024.
  11. 1 2 3 "Our brands - Topps Group". toppstiles-toppsgroupcom.azurewebsites.net. Retrieved 12 December 2024.
  12. ↑ "Company history". www.toppstiles.co.uk. Retrieved 12 December 2024.
  13. ↑ "Topps Tiles Reveals New Acquisition". www.insightdiy.co.uk. Retrieved 12 December 2024.
  14. ↑ Nazir, Sahar (10 March 2022). "Topps Tiles acquires 60% stake in tiling supplier Pro Tiler" . Retrieved 12 December 2024.
  15. ↑ Pegden, Tom (10 March 2022). "Topps Tiles buys majority stake in family-run tilers' tool retailer". Business Live. Retrieved 12 December 2024.
  16. ↑ Rigby, Chloe (23 May 2022). "Topps Tiles launches new online-only business as it reports record first-half sales – but says supply and labour challenges continue". InternetRetailing. Retrieved 12 December 2024.
  17. ↑ Murray, Amber (19 August 2024). "Topps Tiles acquires CTD brand and assets out of administration for £9m". City AM. Retrieved 12 December 2024.
  18. ↑ "Gender pay gap reports - Topps Group". toppstiles-toppsgroupcom.azurewebsites.net. Retrieved 13 December 2024.
  19. ↑ "Gender pay gap in the UK - Office for National Statistics". www.ons.gov.uk. Retrieved 12 December 2024.
  20. ↑ Jenkins, Jo Ann (23 January 2019). "From the CEO: Celebrating 60 Years of International Engagement". AARP International: The Journal. 12: 10. doi:10.26419/int.00036.002.
  21. ↑ "New CEO announced for Topps Tiles". www.buildersmerchantsnews.co.uk. 5 November 2019. Retrieved 12 December 2024.
  22. 1 2 Morgan, Aoife (18 May 2023). "Topps Tiles lines up Paul Forman as chairman designate - Retail Gazette" . Retrieved 12 December 2024.
  23. ↑ Morgan, Aoife (18 January 2023). "Topps Tiles chairman survives shareholder's bid to oust him - Retail Gazette" . Retrieved 12 December 2024.
  24. ↑ Daniels, Tom (17 July 2020). "Leicester Tigers finds new main partner in Topps Tiles - Insider Sport" . Retrieved 12 December 2024.
  25. ↑ "Topps Tiles confirms ITV weather sponsorship deal". www.insightdiy.co.uk. Retrieved 12 December 2024.
  26. ↑ "Phil Spencer cuts the ribbon at new Topps Tiles Bayswater boutique". Evening Standard. 5 September 2014. Archived from the original on 30 September 2015. Retrieved 12 December 2024.
  27. ↑ "Topps Tiles appoints Sarah Beeny as brand ambassador". www.insightdiy.co.uk. Retrieved 12 December 2024.
  28. ↑ Rebecca Knight (2 November 2019). "Sarah Beeny says these Victorian tiles are a must-have for would-be home restorers". Ideal Home. Retrieved 12 December 2024.
  29. ↑ "Sarah Beeny's Best Bits". www.toppstiles.co.uk. Retrieved 13 December 2024.
  30. ↑ "Topps partners with Macmillan Cancer Support". www.diyweek.net. Retrieved 12 December 2024.
  31. ↑ Squires, Dan (6 September 2022). "Topps continues support for charity partner with upcoming events". Big Furniture Group. Retrieved 12 December 2024.
  32. ↑ "Topps Tiles unveils new concept 'lab' store with 20.20". The Drum. Retrieved 12 December 2024.
  33. ↑ Harrison, Nicola (14 January 2014). "In pictures: Topps Tiles first small format Boutique store opens". Retail Week. Retrieved 13 December 2024.
  34. ↑ "Art Deco-inspired Flute is the Tile of the Year for 2022". House Beautiful. 18 September 2021. Retrieved 12 December 2024.
  35. ↑ "This is the Tile of the Year for 2021". House Beautiful. 18 September 2020. Retrieved 12 December 2024.
  36. ↑ "Topps Tiles reveals its 2020 Tile of the Year". House Beautiful. 12 September 2019. Retrieved 12 December 2024.
  37. ↑ updated, Tamara Kelly last (29 October 2018). "Topps Tiles names this rich teal design as Tile of the Year 2019". Ideal Home. Retrieved 12 December 2024.
  38. 1 2 3 "Topps Tiles' profits drop 50% in tough economic times". BBC News. 29 May 2012. Retrieved 12 December 2024.
  39. ↑ "UK watchdog bars Topps Tiles from integrating CTD assets for now". MorningstarUK. 3 October 2024. Retrieved 12 December 2024.
  40. ↑ Media, Insider (4 October 2024). "CMA serves initial enforcement order on CTD Tiles deal - Insider Media". Insider Media Ltd. Retrieved 12 December 2024.
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