Leeds-based, specialist investment group, Coverings Ltd, has announced a deal with Travis Perkins plc to acquire retailer Tile Giant.
The deal agrees the financial acquisition of Tile Giant, with Coverings Ltd set to own a 100 per cent stake of the business.
A bold move in challenging times, this acquisition will see Coverings Ltd., led by entrepreneurs Andrew Thirkill and Adrian Hinchliffe, draw upon their extensive business planning acumen and commercial experience to drive the Tile Giant brand forward, securing the future success of the retailer.
Bought by Travis Perkins plc in late 2007, Tile Giant has enjoyed a period of sustained growth expanding from 29 to 82 retail stores, with a business turnover in excess of £50m, but is now being sold as part of Travis Perkins’ strategic drive to simplify the Group and focus on trade customers.
“These have been turbulent times for the tile industry, but we firmly believe in what Tile Giant has created with Travis Perkins, with its core proposition of delivering high quality, commercially competitive tiles and accessories to the UK retail market,” said Andrew Thirkill of Coverings Ltd.
“This investment safeguards the future for Tile Giant, and supports the industry to grow as a whole. Home improvement retailers have seen a strong return to business post lockdown, with sales buoyant as homeowners look to reinvest within their properties.”
Post-acquisition, Tile Giant will operate under its own autonomy continuing to pursue its individual strategy for growth and will continue to trade under the guidance of its existing senior leadership team and managing director James Heese.
James Heese, managing director of Tile Giant, said: “I would like to thank Travis Perkins Plc for their guidance and unwavering support throughout the successful transformation of the Tile Giant business.
“Coverings Ltd recognise that they have acquired a fantastic business with significant growth potential. This is a new and exciting chapter for Tile Giant and we’re delighted to be working with Coverings Ltd to accelerate our growth over the coming years.”
Coverings Ltd was advised on the deal by Roger Esler of independent financial advisory firm Dow Schofield Watts, and Dan McCormack of Lupton Fawcett.