Finance
Topps Tiles says board supports strategy after top investor's criticism
Published by Global Banking & Finance Review®
Posted on December 2, 2024
1 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 2, 2024
1 min readLast updated: January 28, 2026
Topps Tiles' board supports its online expansion strategy despite criticism from major investor MS Galleon, which calls for management changes.
(Reuters) -Britain's Topps Tiles' strategy, primarily focused on expanding the retailer's online businesses, had the "full support of the board", the company said on Monday, responding to a newspaper report of discontent from a top investor.
The Times reported on Sunday that MS Galleon, Topps Tiles' biggest shareholder with a 29.9% stake, has called for an overhaul of the company's senior management and strategy due to a "complete failure" to adapt to the changing retail landscape.
The report said Piotr Lipko, managing director of MS Galleon, had sent a letter to Topps Tiles chairman Paul Forman last week, highlighting the company's "costly blunders".
In May, Topps Tiles unveiled its new growth strategy, with a focus on growing its online business and expanding into the market for hard wall and floor surface coverings and related products.
Last week, Topps Tiles posted a roughly 50% slump in annual profit on weak demand in the home repair and maintenance sectors.
MS Galleon did not immediately respond to a Reuters request for comment.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D'Souza)
The article discusses Topps Tiles' strategy and board support amid criticism from its largest investor, MS Galleon.
MS Galleon, Topps Tiles' largest shareholder, is criticizing the company's management and strategy.
Topps Tiles is focusing on expanding its online business and entering the hard wall and floor surface coverings market.
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