A major home improvement brand based in Newcastle, has entered administration, leading to the closure of 56 stores and the loss of 268 jobs. The company, CDT Tiles, which operated 86 stores across the UK and employed 425 staff, struggled due to a downturn in the home improvement sector.
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Following its insolvency, administrators from Interpath Advisory announced that rival Topps Tiles has agreed to a £9 million rescue deal. This agreement includes the purchase of CTD's brands, intellectual property, stock, and 30 of its remaining stores, along with the operation of distribution sites in Leeds and Kings Norton.
Source: www.thesun.co.uk