// Topps Tiles shareholder vote for Darren Shapland to remain as non-executive chairman
// The result puts an end to the ongoing boardroom battle between the tile retailer and its major shareholder MS Galleon
Topps Tiles non-executive chairman Darren Shapland will remain in his role following a shareholder vote, putting an end to the bitter boardroom battle between the tile retailer and investor MS Galleon (MSG).
About 99.3% of shareholders voted against the Requisitioned Resolutions put forward by MSG, which included plans to remove Shapland.
Earlier this month, the tile retailer’s major shareholder ramped up calls for Shapland to be removed from his post as ‘a necessary step’ for the business to return to growth.
Topps Tiles then accused MSG of misleading its investors to sway the vote and claimed it was set to open a direct competitor to its business in the UK.
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Shapland said: “We were pleased that shareholders supported the board’s recommendations, with an average of 99.3% of shareholders who voted, other than MSG, opposing the requisitioned resolutions.
“While we have always sought to maintain constructive engagement with MSG, the board has also been clear that its responsibility is to act in the best interests of Topps shareholders as a whole.
“We believe strongly that MSG’s proposals exposed Topps shareholders to a number of serious conflicts of interest between MSG’s role as a significant shareholder, supplier and potential competitor to Topps.”
Despite the ongoing battle, group sales soared 10.2% in the 13 weeks to 31 December with the additional growth drive by the acquisition of Pro Tiler Tools in March 2022.