The directors of Creative Print Group (CPG), a commercial and display printer, approached restructuring specialists FRP Advisory to help with a sale of the business early in the year.
FRP Advisory received "several" competitive offers for the business, according to a spokesman, the most suitable of which was put in by Bilston, West Midlands-based John Price Printers (JPP), part of catering supplier Giro Food, which offered to set up a new company to take on CPG’s goodwill, assets and staff.
CPG was put into administration on 8 February and Creative Print London (CPL) was set up the following day by JPP director Javed Sarwar. The sale took place on 11 February, which led to all 31 CPG staff transferred to the new company under TUPE regulations.
CPG’s London and Edinburgh offices will both remain trading under CPL, but the spokesperson said that the management structure is being "overhauled" and each department is being reviewed.
It is understood that the former directors of CPG are now acting in senior roles within CPL, which is operating from the same premises although a spokeswoman for JPP said that none of the former directors had any shares the new company.
Sarwar, who is also managing director of Giro Food, said: "This latest addition to the group fits perfectly with the overall strategy to identify opportunities which generate synergies within the existing portfolio of products and services.
"With a reputation for high quality and attention to detail, John Price Printers, with its newly acquired sister company, Creative Print London, can provide a total service offering to businesses throughout the UK."
An FRP Advisory spokesman said that the administrators, Geoff Rowley and Jason Baker, would act to "maximise returns for all creditors", although he would not say how much debt the company had when it went into administration.
He added: "FRP Advisory continues to manage the process of winding up CPG following the sale of its business and certain assets. That process is expected to complete within the next three months and then a decision will be made to place the company into liquidation if thought appropriate.
"The company was put into administration following a sharp deterioration in trading leading to severe cash flow pressures.
"Given the continuing challenging economy, a number of businesses across sectors are resorting to various insolvency processes as a way of trying to save all or part of the underlying business as a going concern as happened here with the sale of the business out of administration."
Former CPG managing director Mark Saggs, who is now in a sales and customer service role with CPL, declined comment.
