Norcros plc (GB:NXR) has released an update.
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Norcros plc, a leading designer and supplier of bathroom and kitchen products, has announced the sale of its subsidiary Johnson Tiles UK to its management team for £1 million plus future earn-outs. The Stoke-on-Trent based company, which contributed 8% to Norcros’ revenue, will be sold as part of a strategic shift to focus on growth and operational efficiency. The sale, which includes non-cash impairments and cash costs reported as exceptional items, is set to complete in May 2024.
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