AGM Report

Topps Tiles (TPT) 2017

AGM Date: January 27, 2017

Report Author: Roger Lawson

I attended the Annual General Meeting of Topps Tiles Plc (TPT) on the 26th January. First some background: As you probably know Topps Tiles sells wall/floor tiles. They are classified under "General Retailers" but this is not a typical High Street retailer for two reasons: 1) Over 50% of their customers are "trade" purchasers, typically small builders, kitchen/bathroom fitters etc; and 2) Their preferred store location is not on the High Street but on trading estates or other "secondary" sites. But being lumped with retailers, their share price has been severely damaged as have other UK retailers because of the collapse of sterling after the Brexit vote, the impact of the Living Wage, higher business rates and lower consumer confidence. More on the impact of those below. Whatever the reasons,

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