Topps axes Dutch arm
Topps Tiles has taken the decision to withdraw support and funding for its loss-making Dutch subsidiary.
The Board believes that the Dutch business is unlikely to be able to continue trading on a going concern basis.The Dutch subsidiary comprises 12 stores and accounted for 4% of the Group's revenue in 2009, but made a loss of £4.9 million during the last financial period.There is likely to be a £1m one-off non cash write down impacting the Group's results as a consequence.
"This has been a difficult decision for the Board to take, but it believes that this is the right course of action, as any further investment in the Dutch business is not economically viable and would not be in the best interests of the UK parent company and its shareholders," the company said.
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