Investment group Coverings has announced a deal with Travis Perkins to acquire retailer Tile Giant, with Coverings set to own a 100% stake of the business. Coverings is led by entrepreneurs Andrew Thirkill, pictured, and Adrian Hinchliffe, who said they intend to drive the Tile Giant brand forward, and secure the future success of the retailer.
Bought by Travis Perkins Plc in late 2007, Tile Giant has enjoyed a period of sustained growth expanding from 29 to 82 retail stores, with a business turnover in excess of £50million, but is now being sold as part of Travis Perkins’ strategic drive to simplify the group and focus on trade customers.
“These have been turbulent times for the tile industry, but we firmly believe in what Tile Giant has created with Travis Perkins, with its core proposition of delivering high-quality, commercially competitive tiles and accessories to the UK retail market,” said Thirkill. “This investment safeguards the future for Tile Giant, and supports the industry to grow as a whole. Home improvement retailers have seen a strong return to business post lockdown, with sales buoyant as homeowners look to reinvest within their properties,” he added.
The company said that post-acquisition, Tile Giant will operate under its own autonomy continuing to pursue its individual strategy for growth and will continue to trade under the guidance of its existing senior leadership team and managing director James Heese.
Heese commented: “I would like to thank Travis Perkins Plc for their guidance and unwavering support throughout the successful transformation of the Tile Giant business. Coverings Ltd recognises that they have acquired a fantastic business with significant growth potential. This is a new and exciting chapter for Tile Giant and we’re delighted to be working with Coverings to accelerate our growth over the coming years.”