Business Weekly - Cambridge, UK

This group of lenders will cancel two thirds of the debt owed to them in return for full ownership of the firm. Investcorp, the Bahrain equity firm which formed Polestar in 1998 through the merger of Watmoughs Holdings and

The British Printing Company will relinquish its entire holdings in the firm.

In a statement issued by the company, Polestar said that it had received the unanimous support of the lenders for a recapitalisation and restructuring of the business, designed to ensure that Polestar was well placed to maintain its leading position in the printing market.

Polestar’s chief executive, Barry Hibbert said: “This news has created a bedrock for an exciting future for Polestar.

“This has been an extremely complex process; the fact that Polestar has been the net gainer of market share during this time, and didn’t lose a single customer, is testament to the fantastic support given to the Group by its customers and suppliers.”