Topps Tiles defends strategy amid critical letter from prominent investor Topps Tiles has hit back at a major shareholder who accused the firm of numerous failures and called for an overhaul of its management and strategy.
The letter was published two days after the results showed Topps Tiles' slumped to a £16.2million pre-tax loss in the year ending 28 September following a 9.1 per cent drop in like-for-like revenues.
He also lambasted Topps Tiles for a 'disastrous' takeover of CTD Tiles, whose brands and intellectual property, along with 30 stores, were bought out of administration in August.
Boardroom row: Topps Tiles is battling its biggest shareholder MSG, which has called for its chairman to be ousted and for two representatives to take seats on its board.
In an open letter written by its managing director, Piotr Lipko, the Vienna-based company blamed Topps' leadership for multiple 'strategic missteps and operational failures.'.
