LONDON, UK: Topps Tiles, the UK’s main tile specialist, introduced the acquisition of 60% of the issued share capital of Pro Tiler Ltd, an on-line specialist provider of tiling-related consumables and equipment to commerce customers.
Consideration of £5.3 million (plus a £0.3 million closing adjustment) was paid in money on completion of the Initial Acquisition for 60% of the issued share capital of the business.
The Group intends to buy the remaining 40% of the issued share capital from March 2024, based on an agreed a number of of profits for the 12 month interval to March 2024. Consideration for the Initial Acquisition was financed from the Group’s existing money balances.
Topps Tiles and Pro Tiler have additionally agreed put and name choices relating to the acquisition by the Group of the remaining 40% of the issued share capital of Pro Tiler, that are exercisable from March 2024.
Pro Tiler is a recognised and revered model inside the tiling market which operates three on-line businesses: protilertools.co.uk, northantstools.co.uk and premiumtiletrim.co.uk.
Pro Tiler was established in 2010 by Andy Bucknall, his spouse Wendy, and their two sons Sam and Todd. Andy, Sam and Todd all beforehand labored as skilled tilers and are well revered inside the industry. As a half of this transaction, Andy and Wendy will retire from the enterprise whereas Sam and Todd will proceed to run the day-to-day operations of Pro Tiler.
Pro Tiler has delivered rapid growth in recent years through an expansion of its product vary and a spotlight on excessive high quality service, which has enabled it to serve an more and more wide buyer base. In the monetary year ended 31 March 2021, Pro Tiler reported turnover of £9.3 million and revenue earlier than tax of £1.1 million. In the present year, the enterprise has continued to develop and the turnover inside the twelve months to 31 January 2022 was £11.9 million.
Pro Tiler is anticipated to revenue from the Group’s shopping for scale, versatile provide chain and monetary resources to support its additional growth.
The acquisition of Pro Tiler is a significant development inside the Group’s growth technique and an important first step into working a specialist on-line enterprise alongside its award winning omni-channel Retail enterprise and Commercial brands. The Board expects the Acquisition of Pro Tiler to be accretive to adjusted earnings inside the present monetary year and beyond.
Topps Tiles Plc is the UK’s largest specialist provider of tiles and related products, targeting the UK home refurbishment and commercial market and serving a retail and commerce buyer base from 314 nationwide Retail stores, 5 Commercial showrooms and three buying and selling websites
www.toppstilesplc.com