CMA orders Topps Tiles to keep CTD acquisition at arm's length during probe

Topps Tiles updated the market regarding its recent acquisition of CTD Tiles, which included 30 stores, selected stock, and intellectual property for £9m, on Thursday.

The London-listed firm said the Competition and Markets Authority (CMA) had issued an initial enforcement order (IEO) under the Enterprise Act in relation to the acquisition.

It said the IEO - a standard measure in cases involving completed transactions under CMA review - required Topps and its subsidiary, Tiles4Less, to maintain the CTD business as a separate entity and refrain from any further integration until the review was concluded.

Topps said it was cooperating with the CMA to ensure full compliance with the order.

At 1159 BST, shares in Topps Tiles were down 2.02% at 42.13p.

Reporting by Josh White for Sharecast.com.