New owner vows jobs are safe after acquisition of a major Kettering employer
A leading employer in Kettering is under new ownership following its acquisition by a rival.
Walls and Floors, in Garrard Way, which employs about 200 staff, has been purchased by the Tile Mountain Group.
The new owners have vowed that all of the Wall and Floors' workforce will stay with the company.
A spokeswoman said: "Walls and Floors will continue to be run as a company in its own right and all the staff will remain.
"It will continue to be known as Walls and Floors but has now become part of the Tile Mountain group."
The cost of the acquisition of the 32-year-old Wall and Floors, including its retail, distribution, and specification divisions, has not been disclosed.
But the spokeswoman said: "The Tile Mountain Group, which includes Tile Mountain, Tons of Tiles, Capitol Tiles, and Walls and Floors, has a combined sales target of £60 million over the next 12 months."
The quality of the £30 million plus a year turnover Walls and Floors' online offering plus its its established brand footprint and positive customer sentiment made the firm a hugely desirable acquisition target.
Tiles Mountain Group chairman Mo Iqbal said: "Over the years led by Richard and Duncan, Walls and Floors has developed into one of the major players in the UK tiling industry and I am excited about leading the company into the next phase of its growth."
Managing director Jeremy Harris said: “Walls and Floors has a significant supplier base and great customer loyalty, both online, across its distribution and contracts networks and in store.
"We’re relishing working with suppliers and customers and developing opportunities further, with the ultimate goal of improving our offering across all our brands."
The acquisition makes the Tile Mountain Group the largest privately owned tile retailer in the UK.
It forms part of an expansion strategy that has seen the recent acquisition of Coventry based Capitol Tiles and online retailer Tons of Tiles.
Tile Mountain Group was founded in 2013 and invested £10 million in a purpose-built 120,000 sq ft warehouse, showroom and office complex on a 10 acre site in Stoke on Trent, where the firm relocated in April 2017