Topps sells its HQ to raise £18m

been high since lockdown. She said: “Nobody knows if you’re wearing your PJs on a Microsoft Teams call. And guess what? Nobody cares anyway.

“People are seeing first-hand that kids, partners and pets exist in our

TOPPS Tiles has sold and leased back its national HQ to raise cash to support it through the lockdown.

The UK’s biggest tile specialist said it was raising £18.1 million – £17.9 million including costs – from the sale of its head office and main warehouse buildings at Grove Park, next to Junction 21 of the M1

The buyer, UK Warehouse Properties, is expected to complete the deal in the coming days.

Shares in the business were up about 4 per cent following the announcement, though are still about half what they were trading for prior to the lockdown.

As a result of the pandemic, Topps Tiles has launched a controlled entry system in its shops, along with a click and collect service.

Its website has also reported brisk sales, with more people shopping at home.

In a trading update, the business said: “The proceeds from the sale will further strengthen the group’s financial position as it responds to the Covid-19 crisis.

“Based on the group’s net debt position at May 29, at completion of the sale, the group would have net debt of circa £7 million with circa £42 million of available liquidity.

“In connection with the sale, the group has entered into leases for the properties for a 20-year period following completion, for an annual rent of £1.2 million.”