Andreou returns to print through acquisition
Monday, February 22, 2021
Peter Andreou is back in the industry with a fresh print acquisition just completed.
Andreou was previously chief executive at Circle Media Group, and prior to that was chief operating officer at Polestar.
He has just acquired SME print firm Printstore, based in Kingston-upon-Thames. The deal completed last week.
Andreou said he became aware of the potential opportunity through his business network, with talks starting around Q3 last year.
“I’ve always loved the industry and have never fallen out of love with it. I looked at the business and liked it. It was being sold for all the right reasons,” he explained.
Andreou has acquired the company from former owner Brendan Donoghue, who has retired.
Printstore was established in 1988. The firm produces a wide range of products and runs B3 and B2 litho presses, small-format digital printing with a Xerox Versant and large-format digital with HP Latex, as well as an array of in-house finishing processes. It also offers a design service.
Andreou said the company had synergies with his other business interests, which require various forms of print and packaging.
Printstore operates from a 372sqm facility, employs 14 staff and has sales of around £2.7m.
“The management team are brilliant. I have no intention to micro-manage the business,” he added.
“My role will be to broaden the markets that Printstore works in, to network and bring in business – we’ve already won a £500,000 packaging contract that was previously produced in China.”
He said the business had performed comparatively well during lockdown, and had a loyal customer base.
The terms of the deal were not disclosed. Andreou acquired the business through holding company Pta Investments, and has just agreed a new Printstore debenture with Close Brothers.