Topps cuts off Dutch arm

18th Dec 2009 07:27

Topps Tiles has effectively shut down its Dutch operation after withdrawing financial support from the loss-making subsidiary.The cost will be £1m and be reflected in the next figures. The Dutch subsidiary comprises 12 stores and accounted for 4% of the Group's revenue in 2009, but made a loss of £4.9m. Topps added it is unlikely the Dutch business will be able to continue as a going concern without its support.Topps says its 308 stores in the UK will not be impacted by this decision, adding that sales are following an encouraging trend after the 2.2% growth seen in the in the first 7 weeks of the current financial year.