The Competition and Markets Authority (CMA) investigation of the Topps Group’s acquisition of the CTD Tiles brands retail stores has now concluded, with Topps Group agreeing to divest four retail store locations.
On 3rd March 2025, the CMA’s initial review found that the transaction has generated no competition concerns in the majority of areas reviewed. Specifically, the CMA agreed with the Company that its acquisition of the CTD commercial tile operations (CTD Architectural and CTD Housebuilder) did not raise any competition concerns and that in 26 out of 30 locations where retail stores were acquired no local competition concerns were identified.
In lieu of a Phase II investigation (the ‘Undertakings’), Topps Group has agreed to divest the stores in the remaining retail locations where the CMA identified potential concerns. These locations were: Dorking, Aberdeen, Inverness and Edinburgh. Topps Group states that this process is now being executed at pace and is expected to complete in the coming months.
As a result of the formal acceptance, the Initial Enforcement Order under section 72(2) of the Enterprise Act 2002 (the “IEO”), which has been in place since 3rd October 2024, ceases to apply with immediate effect. The IEO had restricted management oversight of CTD and prevented any further integration of CTD into the wider Topps’ business which was not already in place as at the enforcement date. Topps Group management will now conduct an immediate review of the retained CTD business and provide an update on its performance and strategy as part of the Interim Results announcement on 20th May 2025.
Acceptance of the Undertakings eliminates the risk of a Phase II investigation and the CMA investigation has now been concluded.
