Another four of the groups 12 sites have closed, while six sites have been bought by a team of the firms management.

"Its an all round great offering which gives us a London presence which Documedia lost before we bought it, said ControlP chairman Warren Tayler (pictured).

Colourflow operational director Matthew Diamond retains his role within the London operation, which is being headed up by former Dudley director Martin Guntrip.

Richard Hardy of Andersen was appointed administrative receiver on Tuesday 26 February and was finalising the details of the deals as PrintWeek went to press.

An Andersen spokesman confirmed that the firm was selling the remaining six sites to some members of Colourflows management team.

Colourflows factoring company, G-Mack, and National Westminster bank called in Andersen. A source close to the company said that it encountered cashflow problems when venture capital firm ECI Ventures declined to pay it the outstanding amount of its 2.5m backing following poor sales figures.

The four sites that are to close are its Oxford and Reading branches, its Farnborough head office and Mirror Image (MI), the B2 litho printer it bought last year (PrintWeek, 21 September 2001).

Documedia has bought Colourflows West End digital print site and north London large-format centre, which Colourflow bought from the receivers of Elements at the end of 2000(PrintWeek, 5 January 2001).

Colourflow managing director Tony Hooke declined to comment except to confirm he was not involved in the management teams bid.

Story by Barney Cox