Norcros completes sale of Johnson Tiles UK as part of growth strategy

Mon, 20th May 2024 12:42

(Alliance News) - Norcros PLC on Monday said it has completed the sale of Johnson Tiles UK.

The Wilmslow, Cheshire-based kitchen and bathroom products supplier announced the sale in April. It said it has sold the company to its existing management team.

The decision follows a strategic review.

In April, Norcros said it will receive GBP1 million from the sale with a further modest earn-out.

"We are pleased to have completed this sale as planned," Chief Executive Thomas Willcocks said.

"This sale will allow Norcros to focus on and accelerate the execution of our growth strategy. Johnson Tiles UK has been a long-standing partner of the group and we thank them for their significant contribution."

Shares in Norcros were down 1.9% to 211.00 pence each in London on Monday afternoon.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

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