Largest shareholder 29.9% not happy1 Dec 2024 19:19
Investor on warpath over ‘costly blunders’ at Topps Tiles- December 01 2024, , The Sunday Times
The retailer’s largest shareholder has called for an overhaul of senior management and strategy
The Austrian investor MS Galleon claimed there had been a “complete failure” to adapt to the changing retail landscape
The largest shareholder in Topps Tiles is calling for the board to overhaul its senior management and strategy after what it characterised as a series of “costly blunders”.
Piotr Lipko, managing director of the Austrian investor MS Galleon, wrote to Topps Tiles’ chairman Paul Forman last week claiming that management had shown a “complete failure” to adapt to the changing retail landscape, citing its comparatively small online business.
MS Galleon, which holds a 29.9 per cent stake in Topps Tiles, also blasted the company’s acquisition of CTD Tiles, which it described as “unequivocally irrational” and “highly detrimental” to the interests of the company.
Paul Forman is chairman of Topps Tiles
Lipko told Forman he had “grown frustrated” by his continued lack of engagement. Topps Tiles said it engaged regularly with all
Sam Chambers
The Austrian investor MS Galleon claimed there had been a “complete failure” to adapt to the changing retail landscape
https://www.thetimes.com/business-money/companies/article/investor-on-warpath-over-costly-blunders-at-topps-tiles-r3wxcnsjm