A further noteworthy aspect of all the current shenanigans in publication printing, specifically with Polestar's in-process refinancing, is where we're at now compared to the last time the group refinanced, or indeed the time before that.

Previously, I imagine that a big part of the Polestar sales pitch to investors would have involved its market-leading position in UK gravure and web offset publication printing.

Since Prinovis built Liverpool and Polestar closed down the vast majority of its old gravure capacity, it doesn't have such a big lead in UK gravure capacity anymore - perhaps 10%?

And as of this morning's ratification of the St Ives web/Walstead deal it ain't the biggest web offset printer either.

I'd love to know what the new Polestar pitch is.