Straight turns on the Tapmagic

The Leeds-based group said it paid 92,000 for the remaining 70 per cent of Tapmagic, which makes water-saving inserts for taps, and claims to be able to reduce water use by at least 50 per cent.

Straight, which makes and supplies products ranging from wheelie bins to water butts, said Tapmagic's products will "significantly enhance" its offering to water companies, most of which are currently issuing free water-saving equipment such as tap inserts to their customers. Straight shares yesterday remained flat at 111p.

"Whilst Tapmagic may be a relatively small investment for the group, its dual flow concept is uniquely attractive and differentiates the product from other water-saving devices," said chief executive Jonathan Straight.

"The quality of product from Tapmagic complements Straight's current product line and we are very pleased to welcome this new addition to the company."

Straight added Ipswich-based Tapmagic's range is gaining acceptance among retailers, and Straight will use its reach to extend to garden and hardware stores.

The acquisition follows Straight's original purchase of 30 per cent of Tapmagic's shares in 2007 for 35,000.

Straight has been hitting the acquisition trail in recent months. In August it bought Dyro Holdings, owner of Hull-based Powell Plastics, for a total 2.9m. Buying the injection moulding firm allowed it to take about a third of its manufacturing in-house.