According to the administrator John Kelmanson, Purple Eight, which is headed up by former Lasting Impressions chairman Russ Green, has bought the assets and the undertakings of MGP.

The company went into administration on 14 April 2008.

Although Purple Eight will be the legal name of the company, MGP Chromocraft will continue to be the trading name.

Green told PrintWeek the company will remain at its Camberley site, where a new six-colour Heidelberg 102 is being delivered in the coming months.

He added that no staff were being made redundant, although some employees were let go before Purple Eight took over MGP.

Green said: "My remit at G&B is to grow the company and expand the quality base it already has. MGP had a specific market base we were looking to go into.

"The timing was right. One of the reasons they were struggling financially was because of the machinery they were running, we had just bought the Heidelberg, which we decided to move to their site.

"We would have needed to upgrade our finishing department in the near future and MPG had everything we needed, so there was a real synergy there."

When MGP became available, G&B were in the process of acquiring the building next door to its facility in Feltham, a plan that has now been scrapped.

Green also said G&B is continuing to look for investment possibilities and was in discussion with two other companies at this point in time.

The combined turnover of the company is now around £7m. Previously, G&B was turning over £2.7m.