Sarney shocked the industry last Friday when he came up with a bid to buy failed Somerset book printer B&T from administrator UHY Hacker Young.

The offer, which was accepted on Tuesday, came just as an auction of B&T's assets was closing and only a few days after Sarney's original bid had been rejected.

Sarney said: "We would like to thank all of those who have supported us, in particular Felix Dennis. We still believe that there is a need within the UK market for the services that Butler and Tanner can provide.

"There will now be discussions with other interested parties, finance companies, the landlord and the trade union and, subject to satisfactory outcomes, we are looking to re-launch the company within the next 10 days."

Dennis, whose publishing empire includes men's magazine Maxim and a range of computer and car titles, is understood to be one of a number of backers for Sarney's venture, which has been advised by Target Corporate Finance.

As well as Sarney, the new B&T team includes Dave Mills, Jeremy Snell and former B&T managing director Peter Maunder.

Mark Harman, head of the Target Corporate Finance team, said: With support from Felix Dennis the management team has acquired the unencumbered assets of the business along with the right to occupy the site from the receiver for a sum of £500,000.

"Kevin and his team have pulled out all the stops in their attempts to save Butler & Tanner and we wish them every success in getting the business back on track.

Sarney's offer on Friday afternoon forced administrator Peter Kubik to disregard an auction of the company's assets in favour of the MBO.

Kubik, though, warned that Sarney's team was "a long way away still from getting B&T off the ground".