Sun injects extra cash into Polestar

Polestar owner Sun Capital Partners has put a further £10m into the group by way of new equity.

The US-headquartered private equity firm acquired Polestar in the spring of 2011.

Earlier this year, a change of capital structure at the group meant that Polestar was potentially able to pay a dividend for the first time.

Now, Sun has put an additional £10m into the business by way of 100m new 10p ‘A’ shares in Polestar Print Holdings. Polestar Print Holdings subsequently loaned the money to Polestar UK Print.

Polestar chief executive Barry Hibbert said the fresh equity was not connected to covenants around the group’s refinancing in April, which involved a £90m loan from Proventus Capital Partners.

“It’s purely working capital, related to our £50m re-investment plan,” he said. “Our financial performance is on track with what was expected”.

Polestar has also confirmed the rejig of plant management at its web offset and gravure businesses.

Jim Algar, who has been overseeing the Sheffield web offset investment, becomes group technical director. Andy Reynoldson returns to the group as general manager of the Sheffield web and gravure operations. Mark Walkington who had been working alongside Algar at Sheffield, takes over as general manager at Chantry in Wakefield. And Lee Appleby, who previously ran Colchester and then Chantry, is now at the helm of Polestar Bicester.