While some readers attacked what they described as a "prepack" deal as a form of "debt dumping", urging suppliers to reconsider dealing with them, others argued that such acquisitive companies "deserve the right to be judged on [their] own merit".

In the statement sent to PrintWeek, the two entrepreneurs said they wanted to "set the truth on record".

The newly formed company pointed out that as it had no relation to the previous company it was not a "phoenix" – an allegation some have levelled at the firm.

"The previous management only provided a very short period of handover and information exchange and have not visited our premises since the 10th September prior to completion of the acquisition of Borcombe and Goodman Baylis," the statement said.

It went on: "We are, as is normal in the first 10 days of ownership, in the process of building credibility with suppliers and customers. Without the former we can't do the latter.

"Despite the difficulties we have encountered with certain suppliers and competitors in the form of anti-competitive actions, we do find the industry attractive.

"We have a profitable business that we are determined to move forward for the benefit of all concerned – customers, employees and suppliers."

It also praised the "excellent team" at the Romsey and Worcester sites.

Searle and Hardy bought the assets of Goodman Baylis and Borcombe from MPI earlier this month.

To read HS Printers' statement in full, click here.