Straight deal for Tapmagic

Straight has acquired the water saving tap accessory producer Tapmagic for £92,000.

In 2007 Straight acquired 30 per cent of Tapmagic for £35,000, and is now purchasing the remaining 70 per cent under an option agreement entered into at that time.

Jonathan Straight, founder and chief executive of Straight, comments: ‘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.’

Founded in 1999, Ipswich-based Tapmagic produces inserts for basin taps designed to reduce water use, which the company sells through retailers including B&Q. Dual flow refers to the ability to use the modified tap at either reduced or normal flow rate.

Leeds-based Straight supplies kerbside waste and recycling containers to local authorities across the UK. Founded in 1993, the AIM-listed company has a turnover of £28.3 million.

The Tapmagic deal follows the acquisition in August of the plastic injection moulding company Dyro Holdings for £2.9 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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