The news will come as a huge shock to many in the industry as Booker had been with the business Heidelberg UK's preferred finance partner since its inception 17 years ago and had a high profile in the marketplace.

Sources close to the business said tensions had emerged since last summer, when Booker's co-founder David Hardisty retired and Mike Barley took over as chief executive of the asset finance division.

And Booker's unit, always proud to stick with the industry through thick and thin, had certainly experienced a difficult period.

Booker is currently on holiday and is yet to negotiate the contractual details of his departure, but he confirmed to PrintWeek that he "definitely planned to stay within print."

Barley admitted that Booker's loss was a "difficult situation" for the firm. "He's made the decision to resign. We tried to persuade him to stay but he's decided he wants to do something different.

"We remain absolutely committed to our partnership with Heidelberg and the industry," said Barley. "It will probably take three months to think things through how do you replace the irreplaceable? But Murray has two very able deputies in Mary Powell and Bob Stevenson," he added.

Heidelberg managing director George Clarke said: "Murray Booker has unique and special skills. We'll see how it pans out. I think Close has to do something to fill the gap he leaves behind."

Story by Jo Francis