Topps Tiles tops retail sales with "very strong" 20 per cent increase
A specialist tile retailer has announced that it has cleared its debt and increased its sales by nearly 20 per cent in the first quarter of the year.
Topps Tiles, which has more than 300 stores across the country, reported that its retail sales increased by 19.9 per cent in the 13 weeks to 26 December.
The company is now debt free due to the repayment of the £5m Coronavirus Large Business Interruption Loan and the cancellation of an unused £5m revolving credit facility.
Rob Parker, CEO of Topps Tiles, commented: “I am encouraged by our performance over the first quarter with our retail business performing very strongly, with like-for-like sales up by 19.9 per cent, and our commercial business on track with our plans.
“As we have done throughout the pandemic, we are continuing to put colleague and customer welfare first.
“While the latest lockdown restrictions will impact sales, at this stage it is very difficult to estimate the level of impact or how long this may last.
“The business remains well funded, is debt free, has a market leading offer and a clear strategic focus on achieving our goal of ‘1 in 5 by 2025’.
“The combination of these factors gives me confidence that Topps is well-positioned for growth as we emerge from the restrictions of the pandemic and the economy recovers.”
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