APFS entered administration on 17 July, and was sold the same day to New Perspective Digital Print, which is also run by APFS director Dan Dickey.

The sale preserved 17 jobs at the firm’s Whitstable site.

Founded in 1998, APFS fell into trouble during Covid, when its largest customer, a training provider that made up 80% of its revenues, was no longer able to continue its in-person work.

Pandemic school closures likewise had a significant impact on the remaining 20%, which was usually earned through the sale of personalised fundraising merchandise for schools.

As a result, the company spent two years without the turnover necessary to function, according to the administrator’s report from Begbies Traynor.

At this point, the company was kept afloat by huge cash injections from Dickey’s wife, Gillian Logan. 

Administration finally came for APFS when, £3.5m down, Logan became unable to sustain any further lending.

Her loan makes up the vast majority of APFS’ debts, at 80% of the £4.37m total.

The pre-pack sale was made after a 10-day marketing period through agency Lambert Smith Hampton. 

With little interest forthcoming, a pre-pack was decided to be the best option, considering the diminished value expected from breaking up the company and GDPR issues inherent in the company’s work for schools.

An initial deposit of £30,000 was credited against the purchase price, with the sale agreed at £1m.

Leased assets from HP were included in the sale, including a press, laminators, stacker and guillotine.

Printweek has approached APFS for comment.