Alexander told PrintWeek that a spiralling pension deficit following the Brexit vote, combined with cost overruns surrounding the installation of a secondhand 48pp web press, had derailed his plans.

“When I bought the GD Group two years ago my objective was to create a business for the long term. We now have a full order book and a profitable business – were it not for the extra costs of installing the second 48-page press,” he stated.

“But the historical liabilities – especially the final salary pension scheme – have restricted extra cash coming in to the business.”

He also hit out at rival printers for attempting to “derail” the sale.

“In recent weeks we have discussed options with financial investors and subsequently a trade sale, despite the best efforts of interested parties to derail the process, I am delighted to hand the business on to a new chapter. GD Web Offset will continue to provide excellent print and service to customers as an independent business.”

Alexander said that he took ultimate responsibility for events, but insisted that creditors, funders and employees would have a better outcome now than if the business had folded two years ago.

“As chairman and shareholder I take ultimate accountability for the difficulties legacy debts will cause some businesses. We have maintained a healthy dialogue with creditors throughout my tenure and have been managing down their positions which are better than a certain outcome two years ago. The creditors, funders, employees and customers have a much better outcome than at that time.

“There are great people in the business and I wish everyone the very best for the future.”