Topps Tiles has acquired an 80% stake in Guildford-based commercial tile supplier Strata Tiles Ltd for £3.3m, with the option to purchase the remaining 20% shareholding in the business in 2021 for a further £2m depending on the business’s performance over the next two years.
Strata, which has a showroom in Bermondsey, supplies porcelain, polish concrete, mosaics, natural stone and technical stone tiles for commercial design projects. It is active in the transport, retail, building cladding project, university building and residential apartment block markets.
The company was founded in 2002 by Jonathon Wiles and Paul Willis, who are selling the 80% stake to Topps Tiles but will remain with the business. Strata will be integrated into Topps Tiles’ commercial business unit but will retain its own brand.
In 2018, Strata reported turnover of £4.8m and pre-tax profit of £700,000. “Our commercial business is already expanding at pace, with sales in the first half growing by around three times year-on-year,” said Topps Tiles CEO Matthew Williams.
“The acquisition of Strata will accelerate this expansion and demonstrates our commitment to building a commercial business of quality and scale. Strata is a well-regarded and well-run business with a strong brand; and we look forward to welcoming the Strata team into the Topps group.”