skip to main content
  • *
  • *
  • *
Find Insight DIY on
* * *


Topps Tiles Announces Sale And Leaseback Of Head Office And Central Warehouse

Topps Tiles STockton 725 x 500.jpg

Topps Tiles Plc, the UK’s largest tile specialist, is pleased to announce it has agreed the sale and leaseback of its head office and central warehouse buildings (the “Properties”) at Grove Park, Enderby, Leicester, to UK Warehouse Properties Limited (the “Sale”).

The consideration for the Sale is £18.1 million (£17.9 million net of costs) and will be paid in cash on completion, which is expected to take place in early June 2020. The consideration represents a premium of approximately 29.3% to the balance sheet asset value of the Properties of £14.0 million.

The proceeds from the Sale will further strengthen the Group’s financial position as it responds to the  COVID-19 crisis.

Based on the Group’s net debt position at 29 May 2020, at completion of the Sale, the Group would have net debt of c. £7 million with c. £42 million of available liquidity (including the credit approved CLBILS £10 million loan facility which the Company announced on 19 May 2020 and which is due to be finalised shortly).

In connection with the Sale, the Group has entered into leases for the Properties for a 20 year period following completion, for an annual rent of £1.2 million. Under IFRS 16, right of use assets worth £15.7 million will be reflected on the Group’s balance sheet, along with associated lease liabilities of £15.7 million.

The Sale constitutes a Class 2 transaction under the Financial Conduct Authority's Listing Rules. 

Source : Topps Tiles

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.

01 June 2020

Related News

view more UK DIY News

Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

Martin Elliott. Chief Executive - Home Hardware.

Don't miss out on all the latest, breaking news from the DIY industry