Topps Tiles said its recent market-share gain despite challenging market terms shows the effectiveness of its strategy amid public criticism from its largest shareholder.
MS Galleon, which holds a 29.9% stake in the U.K. tile specialist, has called for the board to overhauls its senior management and strategy after a series of what it called costly blunders, according to The Times report on Sunday.
In a response to the report, Topps Tiles said Monday that its latest results show that it can outperform the wider tile market despite tough market conditions.
“We believe this demonstrates the effectiveness of our strategy, which has the full support of the board,” Chairman Paul Forman said.
