"While we have prepared an IM for a possible sale of the firm, we're also looking at the other side of the coin, about growing through acquisitions," said group managing director Alan Griffiths.

Griffiths headed an MBO at the group in July 2004 with five other directors. Since the MBO, turnover has risen by 1m to 25m and pre-tax profit has increased from 1.8m to 2.7m.

"Since we acquired the company it has continued to grow and we have invested pretty significantly," said Griffiths. The firm has spent around 2.25m on new kit since the MBO.

"At the time [of the MBO] I wanted to double turnover within three years," said Griffiths. "We expected to grow through acquisitions, but that hasn't materialised."

As well as supplying information for an IM, the firm has given BDO what Griffiths has described as an "ambitious growth plan", which includes possible acquisitions in the UK and other countries, specifically India.

The group is currently made up of a print operation, Corby, which employs 55 staff, and two sites in Telford for mailing and envelopes, employing a total of 170 staff between the two.

The review is ongoing and no timescale has been set. "But I'd certainly like the decision to be made well before the end of the financial year," said Griffiths.

Mail Solutions Factfile
- 2005 Turnover 25m
- 2005 Pre-tax profit 2.7m
- Staff 225
- Print operation in Corby and mailing and envelope manufacturing sites in Telford
- Investments since MBO: Muller Martini eight-colour narrow web press; five Pitney Bowes mailing lines; Oc digital kit