18 September 2013
("Norcros", the "Group" or the "Company")
Legacy lease at Groundwell, Swindon - agreement to sub-let
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.
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.
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."
ENQUIRIES:
Norcros plc |
Tel: 01625 547 700 |
Nick Kelsall, Group Chief Executive |
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Martin Payne, Group Finance Director |
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Hudson Sandler |
Tel: 0207 796 4133 |
Nick Lyon |
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Charlie Jack |
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Katie Matthews |
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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.
· 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
· 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
· 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/
