UK DIY News
CTD Tiles Files Notice Of Intent To Appoint Administrators
Sky News reports that CTD Tiles Limited has today filed a notice of intention (NOI) to appoint administrators.
The act of filing an NOI provides CTD with ten days in which it is protected from creditor action, during which the company can determine a way to proceed to avoid insolvency.
The Birmingham-based company is a key player in the tile sector which, alongside its competitors, has suffered amid challenging trading conditions. A core part of CTD's business is B2B sales to housebuilders, who have been impacted by a subdued housing market.
CTD Tiles trades from a network of 87 stores and several trading distribution hubs, employing around 400 staff. Sources told Sky News that revenues at the company are expected to fall by around 30% in 2024, down from £112.5m for the year ending 31st March 2023.
It is believed that Interpath Advisory is supporting the business as it seeks to find a buyer. A pre-pack administration deal is thought to be a likely outcome but a potential buyer is yet to be named.
The CTD Tiles LinkedIn page said:
"Global yet local, CTD Tiles acknowledges the importance of a truly local service where customers and trade can visit a store and liaise directly with a team of in-house specialists. With Tile Showrooms and Trade Centres across the country, CTD Tiles provides an ever-growing network of local knowledge for both commercial and domestic needs."
Private investment firm Aurelius, which acquired the CTD business in February 2022 from Saint-Gobain, declined to comment when approached by Sky News.
Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.
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