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Last checked at 
17 Feb 2009 11:51
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17Β February 2009
Topps Tiles Plc
"Topps" or the "Company"
TheΒ UK's largest tile and wood flooring specialist
Update
Following a review of its exposure to the retail sector in light of the uncertain outlook for theΒ UKΒ economy, one ofΒ the providers of credit insurance to the Company's suppliersΒ has informed the Company that it is to withdraw credit insurance cover for the Company's suppliers.Β
Topps' key suppliers have indicated that they remain supportive of the businessΒ and therefore the Board do not consider there will be a material impact on the business as a result of the withdrawal of credit insurance.Β Β The well documented deterioration in the credit insurance market has led to the retrenchment of the availability of creditΒ insuranceΒ by a number of providers. The Board do not believe a material number of the Company's other suppliers rely on credit insurance and hence the Board do not believe any furtherΒ withdrawalΒ by providers in relation to Topps will have a material impact upon the Company.
Topps'Β lending banksΒ alsoΒ remain supportive of the business. ToppsΒ is continuing to maintain its cash balances,Β hasΒ undrawnΒ overdraftΒ facilitiesΒ andΒ continues toΒ generateΒ cash at the operating level.
The Board remains confident inΒ the Company'sΒ resilient business model and continuesΒ to manage the business with aΒ prudent focus on cash and costs.Β Β Furthermore, the withdrawal of credit insurance in relation to Topps has not had an impact on the Board's expectations for the trading performance of the business in the current financial period.
Enquiries:
Barry Bester, Chairman 0161 486 2400
Matthew Williams, Chief Executive 0161 486 2400
Ann-Marie Wilkinson/Emma Kent, Bell Pottinger 020 7861 3232
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