Rapidly growing Ipswich firm snapped up by online retail group
- Credit: Total Tiles
A rapidly growing Ipswich tile company has been bought for £6million by an online retail group.
Total Tiles' revenue grew from £2milion in 2016 to a predicted £17.5million in 2020.
Last year the company celebrated being ranked as the 44th fastest growing sales firm on the Sunday Times Virgin Atlantic Fast Track 100 list.
Now the Leslie Road firm has been bought for £6million by CMOStores, an online construction and home improvement products retail group.
Andy Moore, Total Tiles managing director, said: “I’m looking forward to taking Total Tiles from strength to strength with CMO’s considerable backing and assistance.
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"We have already achieved a great deal with Total Tiles, successfully growing our revenue, and going forward we plan to use this platform to build on our success in the future.”
Sue Packer, CMOStores managing director, said: "We are very pleased to have completed this latest acquisition, which supports our growth ambitions by expanding our presence in the burgeoning home improvement sector.
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"We are excited to work with Andy to support the continued success of the CMOStores Group and Total Tiles in 2021 and beyond.”
Total Tiles was not the only Ipswich-based company involved in the deal.
Princes Street-based law firm Birketts advised the tile company through the sale.
Mr Moore said: "Myself and the shareholders at Total Tiles are very grateful for the excellent service and advice from Mark, Nick and the Birketts team.
"Their insight and experience made the whole transaction seamless."