Brexit: Topps Tiles to begin stockpiling in preparation for UK's EU departure

FTSE 250-listed firm planning for negative consequences including lower spending and problems finding staff

Topps Tiles will stockpile “key selling lines” ahead of Brexit to prepare for disruption to supplies, the company has said.

The FTSE 250-listed firm said it was planning for a number of potentially negative consequences of the UK leaving the EU in March including lower consumer spending and problems finding staff.

It became the latest firm to announce contingency plans with food, wine, medical supplies and parts for manufactured goods already being stockpiled by companies worried about delays at ports.

Those who are building up their stocks are facing problems finding storage space, according to Food and Drink Federation boss Ian Wright.

He told MPs on Tuesday that all available frozen and chilled space had been taken – but no one knew who had taken it and whether anything was in it.

The announcement comes as the likelihood of no deal being agreed increased after former defence secretary Sir Michael Fallon, once seen as a close ally of Ms May, said the prime minister’s proposed agreement was “doomed”.

FTSE 250-listed Topps Tiles also revealed profits had fallen by a quarter in the year to 29 September with part of the decline due to additional costs from its newly acquired commercial business, Parkside.

Like-for-like sales were down in the first eight weeks of the current financial year versus tough comparatives.

But chief executive Matthew Williams said: “Whilst retaining a cautious view on the outlook, we remain confident that our expansion into the commercial tile market, coupled with our market-leading retail operation, gives us a solid platform for future growth.”