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Tue September 29 2020

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Norcros raises cash in land sale

31 Aug 11 Building products group Norcros has agreed a deal to sell some surplus land to a supermarket chain. It will make net proceeds of £2.6m on the deal, which will be used to reduce its bank debt.

Optimisation Developments, a subsidiary of WM Morrison Supermarkets, has agreed to pay a cash consideration of £8.25m, when and if planning consent is granted for the site.

The deal also required Norcross to complete certain infrastructure developments on the land, at a cost of £5.65m.

Norcross is the parent company of Johnson Tiles and Tritton Showers.

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