Norcros sells land to Morrisons

31st Aug 2011 08:57

Norcros, the home products group behind Tritons showers, is to sell land to Morrisons, the supermarket chain, in a deal which could be worth £2.6m.The deal will see Morrisons pay £8.25m to Norcros but only after planning consent is granted.At that point Norcros will have to invest £5.65m in infrastructure to make the area usable.Norcros says if the planning applications are successful it will use the proceeds to pay down its debts.The deal may also result in a one off profit of £0.8m in the year ending March 2013.BS