The 100m-plus spend includes the new gravure plant in Sheffield, expansion at Colchester and re-equipping of binderies across the group.

The firm has been in discussions with its majority shareholder Investcorp and its banking syndicate for a number of months.

Polestar also has a new company secretary. Alan Goodwin has joined from Brands Hatch and replaces Clive Bridges, who has left the group. Goodwin's remit includes taking over Polestar's property portfolio from finance director Peter Johnston, freeing Johnston for more strategic tasks.

The group is close to agreeing a sale and leaseback deal on the Chromoworks site in Nottingham, and has also sold some surplus land at the Purnell site in Bristol to Barratt Homes, for 7.3m.