Topps Tiles Strategy Supported by Board Despite Investor Concerns
(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)
