NSL went into administration on 5 January, making 22 staff redundant. However, according to administrator Deloitte, a deal has been struck with Dark Peak allowing 52 staff to keep their jobs.

Graham Spencer and Paul Thompson are directors of Dark Peak Trading.

This is Spencer’s first venture in print coming from a background in accountancy. He said: "I’m still reeling under the shock of it all. Norscreen is potentially very profitable and a viable proposition. It perhaps needs some better management and innovation.

"I was really impressed when I met the staff, who remained dedicated even though the business was about to be closed.

"I arranged to see the business three weeks ago today. The negotiations took longer than I’d like, but we came through eventually. The plans now are to regain the customers we had last, and work out why they were lost. We also need to win new business in a tough market. We are here for the long term and failure is not an option."

Hopes of a deal were fading after two deadlines passed for a deal to be signed without word from the administrator.

Ian Brown, of Deloitte, said: "We're happy to say that Norscreen's assets have been taken on by Dark Peak Trading. It is early days but I would think that the company will focus on consolidation for the first few months.

"There is a good range of kit at the company, so investment won't necessarily be an immediate priority."

NSL was founded by chairman Bill Hesse in 1972. In 1998 it moved into its current site with Duncan Hesse, Bill's son, as its managing director. Both men are now said to have no involvement with the business.