Wright was one of three to found the company in 2002, alongside managing director Chris Duffin, who will now work at Reel part-time, and production director Paul Prothero, who has left the business.

All of the firm’s other management has stayed on.

Wright, who has stepped up to managing director, told Printweek that the deal, completed on 18 May, had been prompted by Prothero wanting to move on.

"We’ve always been mindful of the need to think long-term about our succession planning," he said.

"We had the opportunity to proceed with a trade sale but none of us were comfortable with what this might have meant for the team."

As a result, instead Wright increased his stake in the business in a deal “that suited all three of us”, adding that the refinance would help the business have a stable base to move on from.

The Development Bank of Wales (DBW) funded the deal, which included £300,000 set aside for expansion. 

This expansion, explained Wright, may include an investment in a new digital label press within the next two years. Currently, the firm runs Jetrion and Domino N610i digital presses and a Focus Proflex SE six-colour UV flexo press.

Deputy fund manager at the DBW, Joanna Thomas, said the bank had managed to give the company “headroom for future growth”.

She added: “With unrivalled experience in the packaging printing industry and a reputation for being able to deliver high quality labelling, there is capacity for further growth and the creation of more jobs over the coming months.

“In this deal we’ve been able to retain ownership of Reel Label Solutions in Wales, helping Jonathan to take over the reins and keeping the business local.”

The company currently employs 27 people at its base near Cardiff, and had sales of £3.2m last year - this year, it hopes to turn over £3.5m.

Wright added: “We’ve got a good loyal workforce.

“The majority have been with us for many, many years, and it’s a good team. We’re excited about the future.”