Topps Tiles sees consumer confidence returning
Topps completed a successful accelerated bookbuild placing on 24 November 2009, raising gross proceeds of approximately £15.4 million. The Placing was undertaken to help provide Topps Tiles with both additional financial flexibility in the event of a further downturn in consumer confidence and spending and also additional resources to support the Company's growth strategy as opportunities arise in the market.
"We are very pleased with the trading performance over the first 14 weeks which provides reassurance that consumer confidence is returning. However, we remain cautious in the outlook for the economy and believe that 2010 may continue to present a challenging economic environment for consumers." The company said.
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