"It's in the final throes, but it would seem that a deal has been struck between the administrator and a company called Oracle Design, headed by Derek Hartland, to buy the business and assets of Frank Peters," said Bretton chairman John Ward.

Frank Peters had recently laid off 45 members of staff following a 30-day consultation period. "The good news is that we've managed to save the remaining 39 jobs," said Ward.

Ward said the loss of a large contract in the last few weeks was the main cause of its present troubles. "It was for a lot of money and it left me with no option, but to get protection from the courts."

The details of the sale are yet to be finalised as the appointment of an administrator, believed to be Begbies Traynor, was being approved as PrintWeek went to press.

Story by Darryl Danielli