Team (Impression) Holdings plc
LSE : TIHP

February 24, 2009 09:17 ET

Acquisition of the assets of Mannanco Limited

                                                                                                   24/02/2009

                                                                                    GB00B24HQB30/GBP/PLUS-exn


                                        TEAM (IMPRESSION) HOLDINGS PLC
                                                       
                           Team (Impression) Holdings PLC ("Team" or "the Company")
                                                       
                                 Acquisition of the assets of Mannanco Limited
                                                       
                                                       
The Board of Team (Impression) Holdings Plc is pleased to announce the acquisition of the distressed assets,
order book and client list of "Mannanco Ltd" (in administration/receivership). This will allow us to produce in
house a number of very high end niche products for ex Mannaco, Team and trade clients. The investment amounts
to a small sum of £15,000 in cash plus approx £30,000 worth of other plant on HP arrangements. These assets
plus key members of staff have moved into one of Team's factory units and have already started producing live
work.

This new division of Team (named Presentation) will produce very high quality niche "paper over board products"
such as binders, slipcases, cases, presentation boxes, pattern books, show-cards and point of sale materials.
Team currently spends approx £200,000 per annum in outwork healthy sums on conversion of our printed sheets
into the aforementioned products and will benefit greatly from this acquisition. By its very nature the
acquisition brings very high added value to Team and will fit in well with the existing specialist print
finishing facilities. Presentation also has a requirement for print for their own clients which will be
procured from Team.

The affect on cash is negligible, and the Board expect the acquisition to be earnings enhancing in the first
year of trading.

The board will keep you abreast of developments with this exciting new division.

The Directors of the Company accept responsibility for this announcement.

Contact Information:

Company:
Glyn Shaw
Telephone: 0113 272 4800

Corporate Adviser:
St Helen's Capital Plc,
Barry Hocken/Duncan Vasey
Telephone: 020 7628 5582


Contact Information

  • Team (Impression) Holdings plc