Topps Tiles / CTD Tiles (certain assets) merger inquiry
Source: gov.uk (2025-07-08)

The Competition and Markets Authority (CMA) is investigating the completed acquisition by Topps Tiles Plc of certain assets of Tildist Realisations Limited (formerly CTD Tiles Limited).

Statutory timetable

Phase 1

Undertakings in lieu of reference accepted

24 April 2025: The CMA has accepted undertakings in lieu of reference for the completed acquisition by Topps Tiles Plc of certain assets of Tildist Realisations Limited (formerly CTD Tiles Limited).
- Full text decision (PDF, 196KB) (https://assets.publishing.service.gov.uk/media/680b4383382965132de1aace/Topps_CTD_-_full_text.pdf) (25.4.25)
- Final undertakings (PDF, 201KB) (https://assets.publishing.service.gov.uk/media/6808ec690324470d6a394f14/Final_undertakings_24_April_2025.pdf) (24.4.25)
Amendments/consents granted
- Derogation 20 June 2025 (PDF, 123KB) (https://assets.publishing.service.gov.uk/media/686baff3fe1a249e937cbd46/Derogation_20_June_2025.pdf) (8.7.25)
- Derogation 27 May 2025 (PDF, 190KB) (https://assets.publishing.service.gov.uk/media/686bb00d81dd8f70f5de3bc2/Derogation_27_May_2025.pdf) (8.7.25)
Undertakings in lieu of reference consultation

24 March 2025: We are consulting on the proposed undertakings in lieu of a reference offered for the completed acquisition by Topps Tiles Plc of certain assets of Tildist Realisations Limited (formerly CTD Tiles Limited). The consultation period closes on 8 April 2025.
- Proposed undertakings (PDF, 194KB) (https://assets.publishing.service.gov.uk/media/67dd41c4d8e313b503358be4/proposed_undertakings.pdf) (24.3.25)
- Notice of consultation (PDF, 148KB) (https://assets.publishing.service.gov.uk/media/67dd41ae0114b0b86e59f408/notice_of_consultation.pdf) (24.3.25)
CMA to consider undertakings offered

3 March 2025: The Parties have offered undertakings in lieu of a reference to the CMA, which involve the divestment of tile stores in Aberdeen, Inverness, Edinburgh and Dorking. The CMA considers that there are reasonable grounds for believing that the undertakings offered by the Parties or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.
- Decision that undertakings might be accepted (PDF, 182KB) (https://assets.publishing.service.gov.uk/media/67dd4172d8e313b503358be3/decision_that_undertakings_might_be_accepted.pdf) (24.3.25)
Reference unless undertakings accepted

17 February 2025: The CMA has decided, on the evidence currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns.
- Full text decision (PDF, 404KB) (https://assets.publishing.service.gov.uk/media/67d2fb194702aacd2251cbf2/full_text_decision.pdf) (14.3.25)
- Summary of phase 1 decision (PDF, 137KB) (https://assets.publishing.service.gov.uk/media/67b2cf732cf62a60febc7c0c/summary_of_phase_1_decision.pdf) (17.2.25)
- Press release: Tile deal could lead to worse deals and service for home renovators and tradespeople in 4 local areas (https://www.gov.uk/government/news/tile-deal-could-lead-to-worse-deals-and-service-for-home-renovators-and-tradespeople-in-4-local-areas) (17.2.25)
Launch of merger inquiry

18 December 2024: The CMA announced the launch of its merger inquiry by notice to the Parties.
- Commencement notice (PDF, 90KB) (https://assets.publishing.service.gov.uk/media/67615790f666d2e4faef393a/Commencement_notice.pdf) (18.12.24)
Invitation to comment: Closed

4 December 2024: The CMA is considering whether it is or may be the case that this merger has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted or may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA is issuing this preliminary ‘invitation to comment’ to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction. This invitation to comment is the first part of the CMA’s information-gathering process.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
- Invitation to comment (PDF, 124KB) (https://assets.publishing.service.gov.uk/media/674f1297d7e2693e0e47d00e/1._Invitation_to_comment.pdf) (4.12.24)
Directions to appoint a monitoring trustee

17 October 2024: Pursuant to an initial enforcement order dated 3 October 2024, the CMA directed Topps Tiles Plc and Tiles4Less Limited to appoint a monitoring trustee.
- Directions to appoint a monitoring trustee (PDF, 127KB) (https://assets.publishing.service.gov.uk/media/672258ce3ce5634f5f6ef573/__Directions_to_appoint_a_monitoring_trustee__.pdf) (31.10.24)
Directions to appoint a hold separate manager

17 October 2024: Pursuant to an initial enforcement order dated 3 October 2024, the CMA directed Topps Tiles Plc and Tiles4Less Limited to appoint a hold separate manager.
- Directions to appoint a hold separate manager (PDF, 120KB) (https://assets.publishing.service.gov.uk/media/6722590110b0d582ee8c4957/__Directions_to_appoint_a_hold_separate_manager__.pdf) (31.10.24)
Initial enforcement order

3 October 2024: The Competition and Markets Authority has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Topps Tiles Plc and Tiles4Less Limited.
- Initial enforcement order (PDF, 165KB) (https://assets.publishing.service.gov.uk/media/6703a51aa31f45a9c765f1b6/Initial_enforcement_order_1.pdf) (7.10.24)
Amendments / consents granted
- Derogation 14 April 2025 (PDF, 134KB) (https://assets.publishing.service.gov.uk/media/680b4364bc942a09683a27a1/Derogation_14_April_2025.pdf) (25.4.25)
- Derogation 13 March 2025 (PDF, 154KB) (https://assets.publishing.service.gov.uk/media/67ea7161ea9f8afd8105623f/Derogation_13_March_2025.pdf) (1.4.25)
- Derogation 27 February 2025 (PDF, 195KB) (https://assets.publishing.service.gov.uk/media/67ea7144070b3238cf7f274e/Derogation_27_February_2025.pdf) (1.4.25)
- Derogation 18 February 2025 (PDF, 154KB) (https://assets.publishing.service.gov.uk/media/67ea71119110281dc105623e/Derogation_18_February_2025.pdf) (1.4.25)
- Derogation 11 February 2025 (PDF, 127KB) (https://assets.publishing.service.gov.uk/media/67ea70e9070b3238cf7f274d/Derogation_11_February_2025.pdf) (1.4.25)
- Derogation 23 January 2025 (PDF, 132KB) (https://assets.publishing.service.gov.uk/media/67a4a6e28259d52732f6adc7/Derogation_23_January_2025.pdf) (7.2.25)
- Derogation 3 January 2025 (PDF, 174KB) (https://assets.publishing.service.gov.uk/media/67a4a6928259d52732f6adc5/Derogation_3_January_2025.pdf) (7.2.25)
- Derogation 2 January 2025 (PDF, 204KB) (https://assets.publishing.service.gov.uk/media/67a4a67d8259d52732f6adc4/Derogation_2_January_2025.pdf) (7.2.25)
- Derogation 20 December 2024 (PDF, 175KB) (https://assets.publishing.service.gov.uk/media/67a4a6bf4dd52dddeb16a816/Derogation_20_December_2024__2_.pdf) (7.2.25)
- Derogation 20 December 2024 (PDF, 185KB) (https://assets.publishing.service.gov.uk/media/67a4a6cebaccec3af36b3c39/Derogation_20_December_2024.pdf) (7.2.25)
- Derogation 18 December 2024 (PDF, 155KB) (https://assets.publishing.service.gov.uk/media/67a4a6a98259d52732f6adc6/Derogation_18_December_2024.pdf) (7.2.25)
- Derogation 25 November 2024 (PDF, 138KB) (https://assets.publishing.service.gov.uk/media/67a4a6f20e720adbd4f6adcb/Derogation_25_November_2024.pdf) (7.2.25)
- Derogation 15 November 2024 (PDF, 140KB) (https://assets.publishing.service.gov.uk/media/67445817e26d6f8ca3cb3537/Derogation_15_November_2024.pdf) (26.11.24)
- Derogation 11 November 2024 (PDF, 141KB) (https://assets.publishing.service.gov.uk/media/6744582b1034a5f4a58568bc/Derogation_11_November_2024.pdf) (26.11.24)
- Derogation 3 October 2024 (PDF, 224KB) (https://assets.publishing.service.gov.uk/media/6703a542a31f45a9c765f1b7/Derogation_letter_1.pdf) (7.10.24)
Contact

Please send written representations about any competition or public interest to: xxx@xxx.xx (mailto:xxx@xxx.xx)