Richard Hill and Joff Pope, of KPMG, were appointed yesterday to the Bristol-based business.
Following their appointment, the fulfilment client services, data processing, hand packing, digital printing, laser printing and print procurement departments have been sold to Latcham Consulting.
A total of 61 jobs have moved across to the Latcham Consulting, with 61 redundancies being made. The company previously had around 180 staff in total, the remaining 58 positions are currently under consideration.
Latcham Consulting has Michael Hughes as director and Susan Hughes as secretary. Michael Hughes is also the sole shareholder. The Hughes family stepped in to rescue the company in December 2007 when he injected £2.75m into the business.
However, he subsequently sold the majority of his stake in a £2.75m deal to Barclays Ventures in September last year at which point Barclays became the majority shareholder.
Although Hughes remained a director at Formpro Mail Marketing and its parent company Broomco (4165), of which he remained a minority shareholder, a spokesman for Latcham Consulting said that "after the sale (to Barclays Ventures) Mike remained as a director and adviser for a very short period of time but has not been involved in an executive capacity since".
Hughes said: "Our immediate focus is on ensuring that staff transfer to the new business with minimum disruption to themselves, customers and the business.
"Our clients and suppliers should also be reassured that customer service is a priority and we’ll be working over the next few weeks to ensure services are delivered. Together with the new management team, I will be aiming to build on what is already a highly respected business and will be looking forward to extending our services."
Alongside Hughes, who will be managing director of the company, Bill Gore will be chairman. It is unclear if former manager Paul Anderson has been employed in the new company.
Further managerial appointments are expected early next year.
Hill said: "It is always upsetting when an established business with a loyal and long-serving workforce enters insolvency. The company operates in an extremely competitive market and has incurred substantial losses in recent years.
"Attempts to restructure the company have been unsuccessful, with cost-cutting measures failing to keep pace with declining turnover."
The administrators are reviewing the remaining elements of the business and are in discussions with key customers to determine the commerciality of continuing to trade.
