According to a letter to creditors sent out by administrator BDO Stoy Hayward, C&R Print acquired the company for just £100.

However, as part of the deal, purchaser C&R Print has agreed to take on a number of TUPE and other employee liabilities, taking the total value of the deal up to £669,547.

The company was sold by administrator BDO on 2 December in a pre-pack deal to its previous director Diarmuid McGarry.

PrintWeek has obtained the letter sent to creditors on 7 December detailing the sale process. It states that the business was sold for a cash consideration of £100, which was settled immediately.

According to the letter, C&R Print has also agreed to take on TUPE liabilities of £536,447, relating to 81 employees, as well as guaranteeing £133,000 in respect to November arrears of wages relating to the transferring employees.

It also said it would provide "necessary working capital to ensure the continued trading of the business".

Administrator Brian Murphy said the offer was the only one it received, despite 15 "potentially interested parties being approached", six of which reached the detailed information stage.

He said: "It was a cash offer with liabilities of over £600,000. The alternative to this offer was very small. We have managed to save 81 jobs, trade creditors may not benefit but there are positives elsewhere. If we hadn't sold it, the company would likely have gone into liquidation leaving the creditors with nothing anyway."

The letter states: "If sufficient funds are generated, then we will also pay a dividend to unsecured creditors. However, at this stage it is not anticipated that a dividend will be payable to unsecure creditors".

It also detailed the circumstances surrounding G&H's fall into administration. According to BDO, the company received notification on 30 October that HM Revenues and Customs intended to commence legal proceedings against the company to recover a debt.

BDO was engaged to market the business for a possible sale, after the company reached an agreement with its bank to fund a two-week trading period in order for the marketing exercise to be undertaken.

The letter said that "the company sought the protection of an administration process in order to effect a formal rescue of the company".

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.