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High street retailer Topps Tiles is set to close 23 stores across Britain as it battles a struggling home improvement market and mounting cost pressures.
The Leicestershire-based chain said the closures — accounting for around 7% of its 319-store estate — form part of sweeping cost-cutting measures designed to shore up profitability.
The company confirmed that the affected outlets are underperforming locations, with eight already shuttered since last September. The remaining stores will close over the next six months.
Topps has not revealed how many jobs will be impacted, raising fresh concerns about the health of the UK retail sector.
Topps Tiles chief executive Alex Jensen said: “In light of subdued consumer sentiment and geopolitical uncertainty as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half.
“These actions are designed to support year-on-year profit growth and provide a stronger financial platform for 2027 and beyond.”
For the six months to March 28, Topps reported a slight 0.1% decline in sales to £142.7 million.
However, stripping out its recently acquired business CTD, sales actually rose by 2.1% — although momentum slowed sharply to just 0.6% growth in the second quarter.
Despite the slowdown, the firm insists it is still outperforming the wider DIY and home improvement market, which has been hit by weaker consumer demand.
The company’s expansion has not been without hurdles. Its 2024 acquisition of CTD — rescued from administration — was closely examined by the Competition and Markets Authority, which forced Topps to sell several stores.
It now operates 22 CTD outlets, down from an initial 31.
Meanwhile, Topps also snapped up the brand of collapsed rival Fired Earth in a £3 million deal after the business went under last year — a collapse that led to the closure of 20 showrooms and 133 job losses.
New chief executive Jensen, who took the reins in December following the retirement of Rob Parker, is spearheading the turnaround strategy.
Topps said it expects the cost-cutting drive to boost profitability, even if it dents sales in the short term.
The retailer has already staged a financial recovery, reporting a statutory pre-tax profit of £8.3 million for the year to September — a sharp turnaround from a £16.2 million loss the previous year.
The closures underline the growing strain on Britain’s high street, as retailers grapple with rising costs, subdued demand and tighter regulation.
Topps insists it remains on track to return its CTD division to profitability by 2025–26, but the latest store closures highlight the tough road ahead for the DIY sector.
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