Topps Tiles credit insurance withdrawn but firm insists it will have little impact

17th February | flooring | Topps Tiles has played down the impact of one of its providers withdrawing credit insurance cover for its suppliers. The firm says it doesn’t believe ‘a material number’ of its suppliers rely on credit insurance and it doesn’t expect the decision to adversely impact the business.

In a statement, Topps said, ‘Topps' key suppliers have indicated that they remain supportive of the business 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.  The well-documented deterioration in the credit insurance market has led to the retrenchment of the availability of credit insurance by a number of providers.

‘Topps' lending banks also remain supportive of the business.  Topps is continuing to maintain its cash balances, has undrawn overdraft facilities and continues to generate cash at the operating level,’ it added.