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Joint Administrators complete sale of Fired Earth Ltd
Joint Administrators to Fired Earth Limited Dane O’Hara and Alex Cadwallader have completed the sale of certain assets of the luxury tile specialist for a consideration of £3 million to Topps Tiles.
Topps Group is the largest specialist distributor of tiles and related products in the UK. Approximately 75% of sales across the Group are made to trade customers, including tilers, general builders and contractors, with the remaining 25% to domestic homeowners.
Fired Earth Limited operated 20 showrooms across the UK, with a further 22 independent stockists selling Fired Earth products.
The announcement came as Topps Tiles filed its annual results showing record sales of almost £300m and a return to pre-tax profit.
The Group said it was pleased to announce the successful acquisition of the Fired Earth brand, which represented a significant opportunity for Topps Tiles, strengthening its digital presence and adding a premium brand to its homeowner and trade customer offering.
Pending completion of the sale, Leonard Curtis had been trading the Fired Earth business in Administration in a limited capacity and fulfilling customer orders from inventory.
Dane O’Hara commented: “It is a good outcome for stakeholders, ensures the brand will continue and value has been preserved for creditors.”
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
Leonard Curtis Legal Limited is a limited company, registered in England and Wales with registered number 09820186. Registered office: Riverside House, Irwell Street, Manchester M3 5EN. Leonard Curtis Legal Limited is registered with the Solicitors Regulation Authority with number 626004.