TOPPS GROUP ISSUES STATEMENT ON THE CMA REVIEW
On 19th August 2024, Topps Group announced that it had acquired the CTD Tiles brands, 30 stores, selected stock and all related intellectual property from CTD Tiles Limited (the “CTD Business”) acting by its administrators, James Lumb and Will Wright of Interpath Limited, for a consideration of £9 million (the “CTD Acquisition”).
Topps Group notes that, further to its announcement of 2nd October 2024, the UK Competition and Markets Authority (the “CMA”) has now served an initial enforcement order under section 72(2) of the Enterprise Act 2002 (the “IEO”) on Topps Group in relation to the CTD Acquisition.
An IEO is routinely applied in cases where the CMA reviews a completed transaction. It requires Topps Group and its subsidiary, Tiles4Less Limited, to, amongst other things, refrain from taking any further action to integrate the CTD Business into the Group and ensure that, except with the consent of the CMA, the CTD Business is carried on separately from the Topps Group business until the CMA review process has concluded.
The Group is actively working with the CMA to ensure compliance with the IEO.
A further announcement will be made in due course.