Waddies has enlisted a corporate finance expert to help it expand through takeovers and is looking to spend up to 15m.

The Scottish direct-mail printer said it was looking at a "buy-and-build" strategy aimed at acquiring UK direct-mail and print specialists to give it a wider geographic spread.

"These are troubled times, the print industry is changing rapidly and the big guys will survive," said Iain Pittman, chief executive of the 320-staff firm.

"Waddies is viewed as a medium-sized player and consolidation is going to happen. We want to be involved: not controlling it, but influencing that consolidation."

The Livingston-based company was looking at firms around the M62 and within the M25 to "add substance to our sales office in London", he added

Livingstone Guarantee, one of the UKs biggest independent corporate finance firms, is advising.

Pittman said the firm had already scaled down by shedding staff, which had removed costs of 6m.

Story by Jez Abbott