Norcros, a supplier of home consumer products, has re-financed its debt and has listed on the London Stock Exchange’s main market. The re-financing was undertaken to restructure the group’s debt, reduce finance costs and facilitate the listing which raised £100.5 million.

Norcros, a supplier of home consumer products, has re-financed its debt and has listed on the London Stock Exchange’s main market. The re-financing was undertaken to restructure the group’s debt, reduce finance costs and facilitate the listing which raised £100.5 million.

The re-financing was undertaken by the group’s existing small club of banks, alongside and in conjunction with the company’s new public listing, with all the banks working closely with the company and its advisers to adhere to the tight timetable required by the Listing.

The group’s new financial structure and access to capital will enable continued investment and expansion into prime core markets and appropriate acquisitions.

At the time of placing the company’s entire issued share capital was valued at some £116 million, with the company having raised £72million net of expenses. Its current market cap stands at £117.5 million.

Lloyds TSB was the joint lead arranger on the transaction along with Fortis. Lloyds has been the main banker to Norcros for more than 30 years and has supported it through numerous transactions.

Relationship director at Lloyds TSB’s Large Corporate office in Manchester, Sheryll Ramsey, said: “We are delighted to continue to support the company with its exciting plans for growth as it moves back into the public domain. This deal provides the group with a firm foundation on which to grow their proposition throughout the UK and South Africa.”

Senior relationship director at Fortis Manchester, Stuart Hamnett, said: “As a leading international banking group, Fortis is delighted to have continued its eight-year relationship with Norcros and supported the group’s successful return to the public markets with a full LSE listing.”

“The revised financing arrangements provide the company with access to competitively priced and flexible committed term facilities, which alongside access to the public markets, will allow the group to continue to develop and expand its strong consumer products business,” he added.

Norcros supplies showers, ceramic wall and floor tiles and related products. It owns three complementary UK businesses: Triton, the leading UK shower company; H&R Johnson, the leading UK tile producer and its tile adhesive operation Norcros Adhesives. Norcros’s main area of operations is in South Africa, with interests in Australia, Greece and India.

The principal UK businesses, Triton and H & R Johnson, continue to trade well with underlying sales growth across all key sectors. Triton continues to grow market share in the mixer segment and to invest in new product development to take advantage of market opportunities.