Norcros plc (LON:NXR), a market-leading designer and supplier of high quality bathroom and kitchen products in the UK, Europe and South African markets, has announced that following a strategic review, it has entered into an agreement to sell Johnson Tiles UK to its existing management team.
Johnson Tiles UK, based in Stoke-on-Trent UK, designs, manufactures and sources ceramic floor and wall tiles. For the full year ended 31 March 2023 Johnson Tiles UK recorded revenue of £35.3 million, representing 8% of Group revenue, made an operating profit of £0.5 million representing 1% of Group underlying operating profit, had gross assets of £25 million, and has absorbed cash in each of the last three years.