The company offered creditors a total of 38.54p in the pound over the next five years in a bid to stave off the liquidators. Further payments were also offered, dependent on profit.

A spokeswoman for KSA – the business turnaround practitioner dealing with the CVA – confirmed that the CVA had been accepted by "the majority of creditors", following a vote on 18 September.

In total, the company owes £783,661 to its creditors, which include trade finishers, paper merchants and Basildon Council.

It had said previously that if the CVA was not accepted, the business would have had to look at liquidation or administration as the next course of action.

Heronsgate was founded in 1992. In 2007 it recorded a turnover of £7.2m, down from £8.3m the previous year.

Directors at Heronsgate did not return PrintWeek's calls.