Rescue deal completed for Capitol Tiles

Julie Palmer

Regional Managing Partner

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Rescue deal completed for Capitol Tiles

Updated: 1st December 2018

Capitol Tiles Secures Rescue Deal

Partners at RBR Advisory have secured a new buyer for Capitol Tiles which fell into administration after experiencing serious financial difficulties.

Capitol Tiles has been brought by Mo Iqbal, Chairman of Tile Mountain, who will be managing the wholesale and distribution operations of the business, including the Coventry warehouse. The sale managed by Brett Barton and Julie Palmer will save around 80 jobs.

In a separate development also managed by partners at RBR Advisory, Tile retailer BC Ceramics has purchased six of Capitol Tile’s 11 retail outlets.

“Given the immediate financial difficulties the business found itself in, securing a quick sale was absolutely vital to preventing considerable job losses.”

In the run-up to April 2017, Capitol Tiles posted a pre-tax loss which came close to £1 million.

Brett Barton, partner at RBR Advisory, said: “Given the immediate financial difficulties the business found itself in, securing a quick sale was absolutely vital to preventing considerable job losses.”

“Today’s agreements will thankfully enable the business to retain the vast majority of its workforce and continue trading from its head office in Coventry.”

Mo Iqbal, Chairman of online retailer Tile Mountain, said, “We will apply our knowledge of the industry alongside the latest advancements in technology to improve the business’s offering, so that once again the Capitol Tile Group will be recognised as a leader in the B2B sector of the industry.”