00:00A tiling store in Leeds has closed after the company fell into administration.
00:05CTD Tiles at City Park Industrial Estate on Gelderd Road is one of 56 stores across the UK
00:12that has shut its doors after the company fell into insolvency.
00:15The company said 268 workers were made redundant after the collapse,
00:20although 30 of its shops and two distribution sites, including one in Leeds,
00:25were bought in a rescue deal by Topps Group.
00:28The company ran 86 stores across the country and employed 425 staff
00:33before falling into insolvency after coming under pressure
00:36from a downturn in the home improvement sector.
00:39Administrators from Interpath Advisory said competitor Topps had struck a deal
00:43to buy CTD's brands, intellectual property, stock, 30 stores and distribution sites
00:49in Leeds and Kings Norton for around £9 million.
00:52James Lum from Interpath Advisory said market conditions proved insurmountable
00:57for the supplier in recent months.
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