IN BRIEF: Topps Tiles pleased as CMA agrees in principle to CTD remedy

Topps Tiles PLC - Leicestershire, England tile retailer - Says pleased that UK’s Competition and Markets Authority approves in principle its proposed remedies in lieu of a phase II investigation into the planned acquisition of CTD Tiles Ltd. Pledges to continue to work with the CMA in a constructive and professional manner. CMA says it now has until May 1 to decide whether to accept the undertakings, with the possibility to extend this timeframe to June 30.

In August, Topps Tiles agreed the £9 million purchase of 30 CTD Tiles stores. In October, the CMA said it was reviewing the deal after receiving several complaints, including concerns relating to how the deal impacted businesses and retail customers in specific areas of the country. Following a phase 1 investigation, the CMA found that a small number of sites in Dorking, Edinburgh, Inverness and Aberdeen created competition concerns in the supply of tiles to customers.

Current stock price: 32.20 pence down 0.9% in London on Monday

12-month change: down 26%

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