Norcros in land sale deal with Morrisons
home consumer products group Norcros has agreed a conditional sale of surplus freehold land to supermarket chain Morrisons.
The Cheshire-based company said that the sale of the site for £8.25m is conditional upon planning consent being agreed, although it refused to say which site it has sold.
Norcros would take on infrastructure costs of £5.65m, but these would only be carried out once planning consent has been gained and the sale agreed. The company said that it expects to make a profit of around £800,000 on the site sale once the development costs and the £1.8m carrying value of the land is factored in.
The deal is expected to take place in the 2012/13 financial year. Norcross said it would use the money to pay down net debt, which stood at £12.4m on March 31 this year.