Tile Giant acquired from Travis Perkins PLC
The Yorkshire & North East Corporate Finance team of Dow Schofield Watts has advised Leeds based specialist investment group, Coverings, on the acquisition of Tile Giant from Northampton based Travis Perkins PLC.
Tile Giant is one of the leading tiling retailers in the UK through its 82 stores and tilegiant.co.uk and a turnover in excess of £50 million. Every store offers an inspirational selection of tiles and accessories to complete any project, coupled with a knowledgeable team that provides expert advice. Tile Giant was recently shortlisted for its new Staines store for best Small Format Store within the prestigious Retail WeekAwards 2020.
This acquisition is a bold move in challenging times and will see Coverings, led by entrepreneurs Andrew Thirkill and Adrian Hinchliffe, draw upon their extensive business planning acumen and commercial experience to drive the Tile Giant brand forward, securing the future success of the retailer.
“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,” explains Andrew Thirkill of Coverings. “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.”
Post-acquisition, Tile Giant will operate under as an autonomous, specialist entity, pursuing its individual strategy for growth and will continue to trade under the guidance of its existing senior leadership team and Managing Director, James Heese, who 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 recognise 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.”
Roger Esler commented: “Deals with commercial merit are still getting done where there is pragmatism on all sides. The economic recovery is taking hold and there is growing optimism for the UK, despite the headwinds. The Coverings team has a robust long term vision for Tile Giant as an independent, specialist business and we are delighted to have advised them on this strategic acquisition.”
Dan McCormack led the Lupton Fawcett legal team advising Coverings. Travis Perkins PLC was advised by Freeths.