The restructure was necessitated by the failure of the company's majority shareholders, Baugur and Stodir, which went into administration in 2009 following the collapse of the Icelandic economy.

The move was completed by VCG chief executive Mick Tooley, the group's senior management and its banking partner, and involved a restructure of debt on the balance sheet and the securing of further investment.

A new shareholding structure was created with shares now solely held between the management team and banking partner.

The old holding company VCG has been closed, and the non-trading organisation went into administration with joint administrators Zelf Hussain and Edward Shires of PricewaterhouseCoopers (PwC) on 28 May.

Hussain confirmed that VCG went into administration as part of a financial restructuring exercise.

"VCG was a holding company which had no trading activities and no employees.

"All the group's staff are employed by the operating companies, the shares of which were transferred to a new holding company and the business of the operating companies continues as usual."

New holding company Frost VC has acquired the full share capital of the five subsidiary companies, VCG-Kestrel, VCG-Connect, VCG-Colourlink, VCG-Bespoke and VCG-JGA, which are unaffected by the restructure.

Tooley said that there are no trading debts as a result of the holding company being placed into administration, and that he was delighted on behalf of all the company's staff and clients that it has achieved the restructure.

He said: "The restructure helps bring clarity to the group's ownership and removes a significant level of legacy debt.

"It puts the existing management team firmly in control of the group and allows us to focus entirely on our growth plans."

Prior to an MBO in November 2007, VCG was part of Wyndeham Press Group and in October 2008 it rebranded from Wyndeham Visual Communications.