Topps Tiles, the UK’s leading tile specialist, announces the acquisition of 60% of the issued share capital of Pro Tiler Ltd, an online specialist supplier of tiling-related consumables and equipment to trade customers.
Pro Tiler is a recognised and respected brand within the tiling market which operates three online businesses. Pro Tiler has delivered rapid growth in recent years through an expansion of its product range and a focus on high quality service, which has enabled it to serve an increasingly wide customer base. In the financial year ended 31 March 2021, Pro Tiler reported turnover of £9.3 million.
The Directors of Pro Tiler issued a statement as follows: “We are pleased to announce that Topps Tiles plc has purchased a majority stake in Pro Tiler Tools. Sam and Todd will carry on running the business as normal and our customers will continue to receive the same great service and prices that we have built our reputation on. We are excited for the new opportunities this partnership brings – helping us to drive further business growth and success.”
Consideration of £5.3 million (plus a £0.3 million closing adjustment) was paid in cash on completion of the Initial Acquisition for 60% of the issued share capital of the business. The Topps Tiles Group intends to acquire the remaining 40% of the issued share capital from March 2024, based on an agreed multiple of profits for the 12 month period to March 2024.
The acquisition of Pro Tiler is a significant development in the Group’s growth strategy and an important first step into operating a specialist online business alongside its award winning omni-channel Retail business and Commercial brands.
Topps Tiles chief executive Rob Parker said the deal had brought the company closer to its 20% market share goal by 2025.
“Pro Tiler is a well-respected brand with a strong customer service ethic, which fits closely with our core values,” said Parker, “The acquisition of an online specialist supplier to trade customers complements our omni-channel retail business and commercial brands.”