Settlement of Contractual Dispute

RNS Number : 3303N

Norcros PLC

15 May 2015

 

15 May 2015

("Norcros", the "Group" or the "Company")

Settlement of Contractual Dispute

Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, is pleased to announce that the contractual dispute with Optimisation Developments Limited, a subsidiary of WM Morrison Supermarkets plc, regarding the conditional sale of part of its surplus land holding at Highgate, Tunstall, has been settled.

The terms of the settlement are confidential for legal reasons, but they are not significant in the context of the Groups financial position. This settlement, net of costs, will be treated as an exceptional item in the accounts for the year to 31 March 2016.

The site at Highgate, Tunstall, which has been the subject of this dispute, has subsequently been disposed of, forming part of the portfolio freehold property sale announced on 24 December 2014.

ENQUIRIES:

Norcros plc	Tel: [phone]
Nick Kelsall, Group Chief Executive
Martin Payne, Group Finance Director
Hudson Sandler	Tel: [phone]
Nick Lyon
Charlie Jack
Katie Matthews

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/

 

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