The trio completed the deal to buy the trade and certain assets of the company from administrative receiver KPMG Corporate Recovery in the early hours of yesterday morning (4 February), after four days of negotiations. The rest of the day was spent finalising and approving the legal complexities.

What a company this is a fantastic business. I went down onto the shop floor last night and theyre just superb, said a jubilant Dixon, who will become chief executive of the Sutton-in-Ashfield based business. Theres a lot of relief. We want to draw a line and get on with it. We, rather than the receiver, can now operate the company. The presses are rolling in earnest.

The terms of the deal have not been disclosed, but Dixons team have injected a significant amount of working capital and equity. Taylor will become finance director, and Mike Hunter will be non-executive chairman.

Joint administrative receiver Allan Graham was determined to sell the business as a going concern: A quick sale was required if we were to preserve a future. This is a great outcome for the business and its 346 employees.

The Howitt name, described as having a fantastic heritage will be retained.

Dixon also praised clients, employees and suppliers for their support. The client base has been superb and have really stuck by the company. We need clients, suppliers and employees on side and all three together equals a winning formula here.

What happened was unfortunate, but continuity of supply is not an issue and we are looking to support the supplier base going forward," Dixon added.

Dixon is now hoping to meet key clients at the earliest opportunity.

Judith Wright, head of print production and purchasing at Grattan said: Weve been dealing with Howitt for 20-plus years. It must be a huge comfort for the staff, whove seen owners come and go since Pat [Howitt] sold, that this is now settled and they will keep their jobs.

Assuming all our questions are met there will be no reason to stop dealing with them. I know Nick and Mike Hunter from the past, and theyve got a solid background, Wright added.

Under former chief executive James Elliot not seen at the plant since Monday, when his own MBO bid failed Howitts creditors were estimated to be owed some 6m. At present its not clear if any of this money will be recoverable.

Story by Jo Francis