Topps Tiles faces fresh shareholder battle

The biggest shareholder in Topps Tiles (TPT) has written to the company’s chair, Paul Forman, expressing “grave concerns that the business has lost its way”.

The letter from private equity firm MS Galleon, which owns a 29.9 per cent stake in Topps, set out “extensive” concerns about Topps’ management, including what it described as its “disastrous” recent decision to buy the assets of competitor CTD from administrators for £9mn.