Fired Earth, a tiles, bathroom and interiors specialist operating out of Adderbury, near Banbury, closed all 20 of its branches in October, which resulted in 133 job cuts, after it reported operating losses of £1,662,361 for the financial year up to September 2024.
Now, Topps Tiles has revealed that it has snapped up the Fired Earth brand, IP, website and around £2.5 million worth of stock amid a slower growth at the start of its financial year.
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The Leicestershire-based company said it paid around £3 million to snap up the brand and assets in a rescue deal.
The deal is the latest acquisition by the business after it bought CTD Tiles out of administration last year.
It snapped up its intellectual property, CTD’s Architectural & Designer (A&D) and Housebuilder business, selected stock and a licence to occupy 30 CTD stores for £9 million.
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Topps said it will have 22 remaining CTD stores after an investigation by the UK competition watchdog required Topps to sell off a number of stores.
Bosses said the CTD business was loss-making last year amid costs linked to the Competition and Markets Authority (CMA) investigation, but said it is on track to deliver a profit in the new financial year.
Topps reported a statutory pre-tax profit of £8.3 million in the year to September, jumping from a £16.2 million pre-tax loss a year earlier.
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