LONDON, UK: Topps Tiles, the UK’s leading tile specialist, announced 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.
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 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. Consideration for the Initial Acquisition was financed from the Group’s existing cash balances.
Topps Tiles and Pro Tiler have also agreed put and call options relating to the purchase by the Group of the remaining 40% of the issued share capital of Pro Tiler, which are exercisable from March 2024.
Pro Tiler is a recognised and respected brand within the tiling market which operates three online businesses: protilertools.co.uk, northantstools.co.uk and premiumtiletrim.co.uk.
Pro Tiler was established in 2010 by Andy Bucknall, his wife Wendy, and their two sons Sam and Todd. Andy, Sam and Todd all previously worked as professional tilers and are well respected within the industry. As part of this transaction, Andy and Wendy will retire from the business while Sam and Todd will continue 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 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 and profit before tax of £1.1 million. In the current year, the business has continued to grow and the turnover in the twelve months to 31 January 2022 was £11.9 million.
Pro Tiler is expected to benefit from the Group’s buying scale, flexible supply chain and financial resources to support its further growth.
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. The Board expects the Acquisition of Pro Tiler to be accretive to adjusted earnings in the current financial year and beyond.
Topps Tiles Plc is the UK’s largest specialist supplier of tiles and associated products, targeting the UK domestic refurbishment and commercial market and serving a retail and trade customer base from 314 nationwide Retail stores, 5 Commercial showrooms and three trading websites
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