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Norcros acquires Croydex for £21.9m

Published: 1 July 2015
Tile and bathroom products supplier Norcros has bought out Croydex Group in a deal worth £21.9m.
Norcros acquires Croydex for £21.9m
Croydex, which designs, manufactures and distributes quality bathroom furnishings and accessories, is a privately-owned business held by the Brown and Marriott-Dodington families and managing director Nick McGrellis. In business for over 90 years, it supplies both the UK trade and retail.

The Andover-based company has extensive purpose-built warehousing and on-site manufacturing facilities. The business employs 82 people including an experienced management team, all of whom will be staying on.

Mr McGrellis is now in line for a payout of up to £0.9m, dependent on Croydex's performance over the next three years.

In the year to December 31 2014, Croydex achieved revenue of £19.9m, and pre-tax profit of £2.6m.

Norcros says the acquisition of Croydex is an important next step in its strategy to increase revenue to £420m by 2018, and that it will bolster its bathroom product range.

Said group chief executive Nick Kelsall: "The acquisition of Croydex is a compelling fit with our strategic growth criteria, broadening the group's product offer as well as providing a number of opportunities to drive revenue and procurement synergies."

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