Two deals have saved around 300 jobs at nationwide retailer Tile Giant after its new owners called in administrators.
The £46m turnover Leeds-based firm had been acquired last month by Stiled - a company belonging to former Topps Tiles chief executive Matt Williams - before a review of the business uncovered greater funding needs than anticipated as creditors began to take action in relation to unpaid arrears and reduced their credit terms. Administrators at Interpath Advisory were called in this week and Tile Giant has subsequently been sold to Stiled Holdings Ltd, also led by Matt Williams, and Newcastle-based CTD Tiles Limited.
Two simultaneous, interconnected deals saw Stiled Holdings Limited take control of the trading name, goodwill and the business and assets, including 56 stores and Tile Giant's head office, along with 233 staff, while CTD Tiles acquired 13 stores along with 48 staff.
