Topps Tiles gets sales lift from the pandemic DIY boom

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Heavy lockdown demand for home improvement products has helped Topps Tiles achieve record annual sales.

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The retailer reported turnover in the 53 weeks to 2 October reaching £227.5 million, with comparable sales up 19.6% from the prior year and 6.3% from the year before, pre-Covid.

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Tops Tiles was among the companies that benefited from people adopting DIY during the pandemic. It expects profits for the fiscal year to be slightly above the £13.6 million that analysts penciled in.

The firm said it has invested in a high level of inventory, which it believes is “a significant competitive advantage in a market that is facing well-documented supply chain challenges”.

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Shares rose 1.4p to 64p.

Elsewhere in the DIY sector, venture capital firm Beringia said it has invested £2 million in London-founded online retailer Plank Hardware.

The funding will be used to invest in marketing and tech at the company, which sells products such as door knockers and wardrobe handles.

The startup was launched in 2019 by Tom Revill and Annie Aveyard.

Emma Biacciolo, Investment Manager at Beringia, said: “Annie and Tom have tapped into the clear demand for stylish, on-trend design at an affordable price point, and they are rapidly positioning Plank Hardware as the go-to brand for home decor hardware. Beringia supports the founders’ significant potential and growing opportunity in DIY and home renovation.”

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