David Dunckley and David Riley of insolvency practitioner Grant Thornton were appointed to the Mitcham-based company on Wednesday (15 June), before being sold the following day.
Riley said: "It was decided the best way forward was to sell WF Aldridge & Co in a pre-packaged administration deal to ensure continuity of trade."
A total of 33 employees moved across to Blue, but 11 have been made redundant. The facility will continue to operate as part of Blue.
Digital printer BD3, which shares the same site, is unaffected by the administration.
According to Aldridge managing director Robert Aldridge, the company came into financial difficulties during 2011 when its insurance company refused to pay out when its 10-colour B1 press went down, taking out 65% of its capacity.
Aldridge, whose family have owned the company through four generations since it was founded by William Frederick Aldridge in 1897, battled with the insurer for four months before it was informed there would be no payout.
He said: "We went to see a specialist and it was concluded that it would be very difficult to prove anything and it would take years to conclude.
"The prior year was not brilliant, we lost some government contracts but we were winning work back. Unfortunately because of the insurance issue we ran out of puff.
"I regret the debt that has been left in the market. In a very difficult situation I have tried to be as straight as possible but in the end it became impossible."
For Blue, which turned over £9m in 2010, the purchase creates a print group that expects to turnover £21m on 2010
Blue's B1 work will be produced in Harlow on two long perfecters, with B2 work printed on an XL 75 five-colour and coater in Mitcham. Digital work will be carried out at both facilities.
The group also offers web offset printing from its Southend factory on what it believes is the UK's only six-colour 16-page heatset web.
Director Eric Anstee said: "We are delighted to be able to unite these two businesses, both of whom have strong reputations for customer service, quality and loyalty. The combination gives Blue physical coverage both north and south of London and greater scale to service those customers."
