Insolvency practitioner SFP was appointed to the West Drayton, Middlesex-based company on 4 December, before selling it to GW Chapman & Sons Stationery the next week (9 December).

GW Chapman & Sons Stationery then changed its name to GW Chapman & Sons Print two days later (11 December).

Both companies hold David Chapman as director and Christine Chapman as secretary.

According to SFP, six redundancies were made, however 21 jobs have been saved.

David Plant, partner at SFP, said that the company had been hit by significant bad debts.

He added: "The printing industry has been severely hit by the effects of the recession and for us to be able to save jobs in the current economic environment is a particularly positive outcome."

Chapman did not wish to comment on the situation, however he did say that it was now "business as usual".

According to the most recent figures, from April 2008, GW Chapman & Sons' turnover is estimated to be in the region of £4.5m.