The Bicester-based web offset printer's chief executive David Holland confirmed that Hughes had been made redundant and that the company was not going to bring in a replacement.

Holland said: "Geoff Hughes was made redundant last week and there have been one or two other smaller changes at the company.

"Like other companies, we are looking at costs, and now that we are a more stable business, our structure going forward will be a bit narrower than it has been."

In January, former Wyndeham Heron finance director Mike Edwards was appointed as BGP's first full-time group finance director, while Lindsay Atkinson was appointed as head of operations in November.