18 Sep 2013 07:00

Â
Â
18 September 2013
Â
Â
("Norcros", the "Group" or the "Company")
Â
Legacy lease at Groundwell, Swindon - agreement to sub-let
Â
Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, announces that it has entered into an agreement with Network Rail Infrastructure Limited to sub-let its vacant and surplus legacy leasehold property at Groundwell, Swindon for the period through to 31 December 2018.
Â
This sub lease will reduce the Group's net cash outflow on legacy leases by approximately £4.0m over the 5 year period starting from 1 April 2014. There is no exceptional income statement charge or credit as a result of entering into this agreement.
Â
Commenting on the agreement, Nick Kelsall, Group Chief Executive, said: "This is another key step in successfully addressing the Group's legacy property issues, and will improve overall Group cash generation from next year onwards."
Â
Â
Â
Â
Â
ENQUIRIES:
Â
Norcros plc | Tel: 01625 547 700 |
Nick Kelsall, Group Chief Executive | |
Martin Payne, Group Finance Director | |
Hudson Sandler | Tel: 0207 796 4133 |
Nick Lyon | |
Charlie Jack | |
Katie Matthews |
Â
Notes to Editors
· Norcros is a leading supplier of high quality and innovative showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products with operations primarily in the UK and South Africa.
Â
· Based in the UK, Norcros operates under four brands:
· Triton Showers - Market leader in the manufacture and marketing of showers in the UK
· Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves
· Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK
· Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products
Â
· Based in South Africa, Norcros operates under three brands:
· Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives
· Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles
· TAL - The leading manufacturer of ceramic and building adhesives
Â
· Norcros is headquartered in Wilmslow, Cheshire and employs around 1750 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com/
Â