A MAJOR home improvement brand is set to shut 56 stores after tumbling into administration.
Tile supplier CTD Tiles has struck a rescue deal with rival brand Topps Tiles after collapsing.
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The Newcastle-based brand will shut a total of 56 sites and cut 268 jobs, administrators have said.
It ran 86 stores across the UK and employed 425 staff.
CTD fell into insolvency on Monday after coming under pressure from a downturn in the home improvement sector.
Administrators from Interpath Advisory said competitor Topps has struck a £9million deal to buy CTD’s brands, intellectual property, stock, 30 stores and operation of distribution sites in Leeds and Kings Norton.
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Related brands include CTD Tiles, CTD Trade and CTD Architectural Tiles, with total annual revenue of around £75million.
It’s understood that 92 staff will transfer over to Topps and administrators said they will also keep on a further 65 to deal with the transition of the administration…
