Although his new business, Diecut UK, will be selling a range of secondhand die-cutting machines and other converting kit, the company's core product will be Korean-based BFK's die-cutters.

Diecut UK will be the exclusive distributor for the six machines of varying sizes and speeds in both Western Europe and the US.

Waterhouse claimed that the machines are "the most competitively priced die-cutters on the market".

"There are a number of things lined up at the moment and we are hoping to have some news soon. I am currently sorting out a contact-base across Europe and there has been interest from the US as well," he said.

Waterhouse worked for Crosland for 10 years, conducting a management buyout of the company five years ago. In May of this year, he sold his share in the business.