IN BRIEF: UK CMA starts probe of Topps Tiles purchase of CTD Tiles

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Topps Tiles PLC - Leicester, England-based tile retailer - The UK Competition & Markets Authority on Wednesday launches a merger inquiry into Topps Tiles’ acquisition of CTD Tiles. Topps Tiles bought the CTD Tiles brand, 30 stores, and two distribution sites out of administration in August for £9.0 million. Earlier this month, the CMA had invited comment on the deal, with a deadline of Wednesday. The regulator now has a deadline of February 17 to make a decision based on the phase 1 probe. This would be to end the inquiry or move it to phase 2.

Current stock price: 40.50 pence, up 2.5% in London on Wednesday

12-month change: down 19%

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