UK's Topps Tiles Sees £4 Million Annual Cost Hike from New Wage Expenses
UK tile retailer Topps Tiles expects its annual costs to rise by roughly £4 million ($5.2 million) due to new wage and insurance expenses starting in April. The announcement follows a 4% increase in half-year sales and comes amid a CEO retirement and rising payroll costs.
Published on April 3, 2025
Topps Tiles, the UK’s leading tile retailer, announced on April 2, 2025 that it expects an annual cost increase of approximately £4 million (around $5.2 million) due to rising wage and insurance expenses. The new costs come into effect in April amid measures including the national living wage and a recent increase in employers’ social security contributions by Finance Minister Rachel Reeves.
The announcement follows a recent period of improved performance, with half-year sales rising by 4% and digital channel sales up 15% in the first half of the year. Shares fell by 5.3% after the cost hike news. Meanwhile, the company is preparing for a leadership transition as long-term CEO Rob Parker has announced his retirement, with a replacement expected to be named later in 2025.