Printer St Ives sold to specialist in £8m agreement

SIDB, which employs 180 staff, offers direct mail, digital printing and commercial printing capabilities to UK-based customers. The business was sold by its parent, St Ives plc, which said the move was part of its continuing strategy to refocus the group’s business on marketing services whilst moving away from the commoditised sectors of the print market.

Cogent B2B has grown its group by acquisition to include Leeds-based direct mail and digital media specialist Griffin, Bradford direct mail specialist Prospect Mailing Services and packaging supplier Boxco.

Cogent B2B’s CEO Kevin Dunstall said: “The St Ives Direct Bradford business is a great specialist provider with a solid reputation that has seen it through some tough trading conditions, and it is a perfect fit for the growing Cogent group of companies.

“We are looking forward to investing in the business and strengthening the management team, bringing it alongside the other strong B2B service providers we have in our growing Yorkshire based group.”

SIDB generated £35m of revenue in the year to July 27, 2012, with profit before tax of £1.2m.

Christian Hunt and Rachel Dean from Leeds law firm Clarion advised Cogent B2B on the transaction.

Mr Hunt said: “This is a significant strategic move for Cogent and opens a whole new chapter for an already successful and profitable Bradford business. The opportunities that the deal brings will revitalise its prospects and boost revenues whilst also delivering additional revenue opportunities and economies of scale to the rest of the companies in the group.”

SIDB has been sold for a total of £8m, comprising £3m payable immediately and £5m of deferred consideration over two years. St Ives will retain the ownership of the property currently occupied by SIDB in Bradford and will lease it to SIDB at a market rent. St Ives’ CEO, Patrick Martell, said SIDB “no longer fits within our new structure”.