Adare buys Platignum

Adare Printing Group has acquired Platignum, the stationery division of Mentmore Abbey, for £1.35 million. Platignum owns the well known Platignum pen brand name and the Ivy self adhesive labels.

Adare said its strategy of accumulating a stable of print and stationery brands such as Prontaprint, Platignum and Ivy is developing. Platignum, operating from a modern plant in Royston, Hertfordshire, generates operating profit of some £200,000 on annual sales of £7.5 million sterling.

Although Platignum has minimal borrowings, it has large tax losses carried forward which should ensure that no taxes are paid for three to four years. An additional £100,000 will be paid if the tax losses mount to £1.5 million.