Crossways Envelopes, a company set up by BED managers and directors, which has BED managing director Nigel Harper and director Guy Butters as directors, has been in talks to buy the Dartford-based business from administrator Tenon Recovery for a number of weeks.

However, the sale has been delayed while Crossways put the funds in place to make the purchase.

According to administrator Colin Wilson, the final hold-up was convincing the chargeholders to relinquish charges against the machinery.

He said: "We now have an agreement, the chargeholder will retain a charge over one machine until everything is paid for. The purchaser will pay a chunk of money upfront and then small deferred payments for the next three months.

"There is no reason at this point why something can't be signed in the next couple of days."