Bridgend, Wales, January 29, 2007--Right Price Tiles, the 53-store ceramic tile retailer, has collapsed following a slump in sales and a rise in overheads.
The company is the third large high-street chain to go into administration this month: Music Zone, the CD retailer, and Greeting Card Group, the second-largest card retailer in the UK that traded as Cardfair and Card Warehouse, have also both collapsed.
Right Price Tiles' parent company--Railway Tile Store (UK)--appointed Deloitte, the consultancy, as administrator on Thursday. Deloitte is looking to sell the business as a going concern.
The chain had a turnover of £21m in its last financial year. It is understood that sales over recent months have not been enough to support rising business costs. The company, which is based in Bridgend, Wales, employs around 300 staff. It is the second time that Right Price Tiles' stores have been in administration in a little over a year.
The company was known as Tiles-R-Us until last January when it was bought out of administration by Railway Tile Store, Ireland's largest tile retailer.
The company's Irish operations are unaffected by the latest collapse. Robin Allen of Deloitte said: "We are continuing to trade the business and are seeking interested parties to acquire it and its assets as a going concern."
