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Edinburgh bathroom business bought by English rival for up to £92m

By Jon Robinson & Peter A Walker

The bathroom supplies group behind the Triton and Johnson Tiles brands has agreed to acquire Edinburgh-based rival Grant Westfield, in a deal which could be worth up to £92m.

Shower and tiles maker Norcros is set to buy Granfit Holdings for an enterprise value of £80m, with an extra £12m pay-out dependent on certain performance criteria.

Grant Westfield is a designer, manufacturer and supplier of waterproof bathroom wall panels in the UK, founded in 1881.

Norcros is headquartered in Wilmslow, Cheshire, and employs around 2,200 people. It stated that the acquisition is expected to be "double digit earnings enhancing" in the first full financial year post completion.

The deal will be funded by its debt facilities and the proceeds of a proposed placing of new ordinary shares in the company, aimed at raising approximately £18m.

For 2021, Grant Westfield reported a revenue of £42.2m, up from £32.3m in 2020, and an adjusted earnings of £10.1m - up from £6.5m.

Norcros chief executive Nick Kelsall said: "The acquisition of Grant Westfield, with its premium Multipanel brand and market leading position, is a strategically compelling addition to the group, broadening our bathroom product offer.

"Grant Westfield's focus on design, new product development and its standard of customer service will significantly enhance the group's portfolio.

"I am looking forward to working with the Grant Westfield managing director, Sarah Law, and her team as we work together on the next phase of growth."

Law added: "There are clear opportunities to grow together and, as a leader in the waterproof panel market, our Multipanel brand will be very much at home with their existing bathroom brands.

"This represents an exciting opportunity to accelerate our successful strategic growth plan in the UK and internationally through new products and market penetration."

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Dive Deeper:
Grant Westfield to be bought by bathroom supplies group behind the Triton and Johnson Tiles for up to £92m
Grant Westfield was founded in 1881 and is headquartered in Edinburgh
US energy group's sell off to help create more than 50 UK jobs
The deal will see the enlarged group employ over 150 people with combined turnover in the region of £16m
Two Staffordshire firms join forces in seven-figure acquisition
The deal will take Unknown Marketing and MOOT Group's combined projected turnover to £50 million in 2022
Flora Growth's Vessel And JustCBD Make Moves In Canada And UK, Here Are The Details
Flora Growth Corp.’s (NASDAQ: FLGC) Vessel and JustCBD brands revealed new developments.
One subscription that gives you access to news from hundreds of sites
Knights law firm completes acquisition of Globe Consultants in Lincoln
It follows the £11.5m acquisition of Langleys Solicitors earlier this year
Software giant Sage acquires UK cashflow firm as revenues rise
The North East company has completed its purchase of Futrli which helps firms understand cashflow
Get all your news in one place