Endless's wait for stationery deal is over

Private equity house Endless's long-awaited deal to acquire Office2Office - the Norwich-based stationery supplier formed when Her Majesty's Stationery Office was privatised a decade ago - was completed on Friday.

The purchase, for £19.1m plus debt, was first agreed in August and came after Office2Office saw off an attempt by Nicholas Gerber, the US entrepreneur and owner of 9 per cent of Office2Office, to reverse two of his businesses into it.

Evo Business Supplies, a bid vehicle set up by Endless to conduct the deal, paid 51p a share for Office2Office, which has endured years of difficult trading amid offices' shift to using less paper. The company has been trying to cut costs and debt, while diversifying its offering.

Office2Office, which employs 900 staff, said it would now refine plans to merge with Vasanta, the Sheffield-based stationery distribution business also owned by Endless under the Evo banner.

The enlarged group will run a fleet of 300 vehicles and says it will have a "a strong position focused on large corporate and public sector customers".

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