Luxury bathroom fittings company Grohe has agreed a takeover deal with a Japanese building materials firm, Lixil.

Grohe's British chief executive, David Haines, will remain in his post and has signed a five-year contract.

"For Grohe and Joyou, Lixil is a perfect match" said Mr Haines in a statement.
"As a growth-oriented company, Lixil has always been the preferred partner to support us with our growth strategy, especially in emerging markets."