Receivers from Numerica were called in last week after it became clear that the City and fine art printers fortunes could not be turned around. Numerica has since made 43 people redundant and ceased production.

Around 10 staff, plus Hyway managing director Peter Schofield, have been re-employed by Montrose Press.

Montrose Press managing director Rick Child said everyone at the company had busted their balls to revive Hyway, which was bought by Montroses sister company Valeyard four months ago, but that the depressed state of the financial printing market had proved too much.

When we took Hyway on, the idea was to get the gearing down and run it as a sales site, because we had the capacity at Montrose. They had good commercial clients as well as some financial work, said Child.

But he said Hyways problems could not be allowed to compromise Chelmsford-based Montrose, which continues to trade as normal.

Numerica is assessing Hyways assets, which will be realised for creditors.

Montrose Press installed a 10-colour Heidelberg Speedmaster press six weeks ago.

Hyway Printing Services was initially placed into administration in July, with its then management also citing a tough City printing sector. Last month, PrintWeek revealed that the companys original failure had forced creditors to absorb 3.1m in bad debt.

Peter Schofield is pictured.

Story by John Davies