Big losses for tile retailer
By Sarah Wood | 1st December 2020
Tile retailer Topps Tiles has swung to an annual loss and predicts more pain ahead for its commercial business, as it struggles with coronavirus disruptions to the construction industry.
The company, which has stores in Cheltenham, Gloucester, Cirencester, Stroud and Moreton-in-Marsh, reported a statutory loss before tax of £9.8 million in the year to 26th September, compared with a profit of £12.5 million last year, as reported by Reuters.
Topps Tiles was hit by delays and cancellations of construction and refurbishment projects during the first national lockdown.
By contrast, the company's retail business saw an uptick, as Brits under lockdown worked on repairs, maintenance and home improvements themselves.
Commercial sales are gradually improving,while in the first eight weeks of the current financial year, retail like-for-likes were up nearly 20 per cent.
Topps Tiles, which has 300 stores nationwide, said it aims to account for £1 pound in every £5 spent on tiles and related products in the UK by 2025.
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