Following the MBO of the magazine printer, led by commercial director Darren Coxon and operations director Karl Gater, members of the stakeholder scheme will be able to cash in share options in the £12m-turnover business.

Former chief executive Tony Jones awarded the share options to staff shortly after completing his own MBO of the business in June 2003, by taking advantage of the Enterprise Management Incentive (EMI) scheme to give employees the option to acquire shares virtually free of charge.

"My aim was always that people would share in the upside, because there was such a lot to do and you don't do anything by yourself – it's the people that make the difference," he explained.

"It was my commitment to them and it also demonstrates that it was never about the money but about turning the business around and it just seems natural to me that everyone should benefit from that achievement."

Staff members who bought into the scheme at its launch in February 2004 were offered share options at a nominal value of £0.01. An £8 spend six years ago would now be worth £2,500.

"Thanks to their hard work, loyalty and commitment, the team are now reaping the benefits and that's a gratifying thought as I leave the company," Jones said.

David Stainer, folding operator at Pensord, added: "The company wasn't in great shape back in 2003, so we really didn't think the share options would be worth anything. Hats off to him – Tony obviously had this in mind all along, to give us something back for our efforts and it's come as a very nice surprise I can tell you."

New managing director Darren Coxon said that the conclusion of the EMI scheme had contributed to the good start under the new ownership.

"This payout has been a very pleasant surprise to the option holders and will, I am sure, lead to a greater sense of purpose and motivation and sets us up perfectly going forward."