TILES and wood flooring retailer Topps Tiles posted a sharp fall in sales – but said it had shored up its finances.
Like-for-like sales slumped by 13.1% in the past eight weeks following a downturn in the housing market.
Topps said lenders had agreed to relax banking covenants on its debts, which stood at £94.7m in May, and extend its current loan facility until 2012. The firm, which has 342 stores, also said full-year operating profits would meet City estimates of £36m to £39m.
