The new operation is headed by equal partners Jo Williams, Paul Reeve and Martin Dockray, managing director, business development director and direct mail senior sales manager respectively of the old firm.

"However, there's no involvement by the old owners, the Fullalove family," said Reeve.

The deal went through last Monday (18  April), following talks with customers, suppliers and administrator Deloitte. "It's good news in today's print industry where so many firms go and don't come back," said Reeve. "We've saved 98 jobs and we intend to be a very effective force in the market."

The team has bought the majority of the assets of the old firm, with the notable exception of the leased Komori Lithrone SP40 10-colour double-decker perfector.

"That was too much of a hindrance," said Reeve. "We have sufficient capacity on our other presses... with some to spare."

Although he didn't want to expand on the reasons for CP3i slipping into administration, Reeve said: "The problem with the old company was that it was very focused on a high turnover target... rather than profit."

CP3i recorded a turnover of 12.9m with a pre-tax loss of 1.5m in 2003.

"Going forward it will be a smaller firm focusing on profitable business rather than just chasing turnover," said Reeve.

Story by Darryl Danielli