Johnson Tiles UK, based in Stoke-on-Trent UK, designs, manufactures and imports ceramic floor and wall tiles. For the year to 31st March 2023 its generated sales of £35.3m, representing 8% of Norcros revenue, and made an operating profit of £500,000.
The Johnson Tiles management team will pay £1m to take ownership of the business, with a further earn out (described as ‘modest’) being dependent on the future equity value of the business. Both become due in April 2028.
The trade and assets are to be transferred to Johnson Tiles Limited, a new company established by managing director Stephen Dixon and his team. The sale is expected to complete during May 2024 after the conclusion of the customary employee consultation period.
Norcros chief executive Thomas Willcocks said: “This sale will allow Norcros to focus on and accelerate the execution of our growth strategy. Johnson Tiles UK has been a long-standing partner of the group and we thank them for their significant contribution. We wish Stephen and the team every success for the future."
Johnson Tiles was founded by Colonel Harry Johnson and his family in Cobridge, Stoke-on-Trent in 1901. It was acquired by Norcros in 1979.
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