Hyway, the Surrey Quays-based fine art and City printer, was placed into administration last month after Trade Indemnity withdrew cover (PrintWeek, 19 July).

Administrator Phil Green of RSM Robson Rhodes was waiting for the deal to be finalised, but said he was unable to name the purchaser.

But a number of industry sources said that Montrose Press was on the verge of securing the assets of the 16m-turnover company.

Thomas Potts and Alito Color were among the firms to show an interest in Hyway over the past weeks.

Thomas Potts chief executive Mark Scanlon said he withdrew his offer for Hyway last week, leaving the way clear for Montrose.

We formally withdrew because we got cold feet we felt that the administration had gone on too long, said Scanlon. Its a relationship business, reliant on the goodwill of customers to be there after we had made a substantial commitment. We just werent prepared to take that risk.

Montrose Press was formed earlier this year after a management team fronted by director Rick Child bought the assets of Clifford Thames Printing Company out of administrative receivership (PrintWeek, 28 March).

Story by John Davies