Andrew Andronikou and Peter Kubik, of insolvency practitioner Hacker Young, were appointed as administrators of Belgravia on July 16 this year.

The company was subsequently bought out of administration by Church Street Litho on July 18.

Belgravia's managing director Martin Draycott is the sole director of Church Street Litho, which was formed on 17 June this year.

A letter sent out to creditors by Kubik stated that Draycott had appointed the administrators.

The letter said: "Due to the nature of the business and particularly the deteriorating position of the company, it was necessary to expedite the sale of the business.

"I would advise that the sale of the business and assets of the company was completed on July 18 2008 to Church Street Litho Ltd."

According to accounts filed at Companies' House, the company had more than £1m of credit falling due within one year as of 30 June 2007, and assets of £542,947.

PrintWeek has been unable to contact Draycott, as the previous number for Belgravia is not in use and, as of yet, no number is available for Church Street Litho.

The sale has caused anger among the company's suppliers. A director of one finishing company, which has lost £12,000, said: "They knew this was going to happen and they knew that we would not get our money back – that sticks in my throat."