Last week, it was reported that BDO Stoy Hayward was trying to find a buyer for the £7.4m turnover company; however talk of closure was not suggested.

Brian Murphy and Michael Jennings, of BDO, were subsequently appointed as administrators of the company on 2 December.

A statement from BDO said: "The joint administrators have subsequently been successful in securing the sale of the business as a going concern, thus preserving 81 jobs. 

"In recent times, the company has been significantly impacted by the general downturn in the economy and increasing competitive pressures within the printing sector."

A BDO spokesman said he understood that previously redundancies had been made at the company, although these were "not as part of this process".

BDO would not specify who the purchasing vehicle was under a non-disclosure agreement.

However, PrintWeek understands that the purchaser is C&R Print, which was set up on 22 October this year.

Diarmuid McGarry, who is a director at Graham & Heslip, is one of the directors at C&R Print. The other director is Adrian Glenn, a listed director of another Northern Irish printer, Impressions Print and Design.

McGarry was unavailable for comment at the time of writing.

Clarification: C&R Print of Enniscorthy, County Wexford, Ireland, which was established 1979, is in no way associated with the C&R Print, which has its registered office in Lisburn, County Antrim, Northern Ireland, that purchased the assets of Graham & Heslip.