Adare Printing has acquired an in-house printing operation of a British retail bank for £0.6 million. The identity of the bank has not been disclosed but industry sources said it was Abbey National, which is capitalised at £15 billion and has a 9.9 per cent stake in Irish Permanent. In addition, it has signed a five year outsourcing agreement to supply printing to the bank. This amounted to £6 million last year with a potential to £10 million to £11 million. Adare plans to expand the business.

Under the deal, Adare has taken over part of the bank's printing facilities and the 37 employees associated with it, and is leasing premises. Adare already had a contact with the bank through a £1 million outsourcing agreement. Adare said the acquisition will be funded from internal sources.