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.