It has confirmed that NGS Finishing Solutions bought the business on 4 March after a "failed attempt to achieve a trade sale".

PrintWeek reported on 25 February that the company had filed a notice of intention to appoint an administrator.

It was also reported that managing director Neil Sharp had set up a new company and the administration was confirmed by the London Gazette last Friday.

However, during this time Sharp has continually refused to comment on the situation, while Moore Stephens had not returned calls.

Last night the insolvency practitioner sent PrintWeek a statement confirming that David Rolph and Steve Ramsbottom were appointed on 2 March.

Ramsbottom said he was "pleased with the outcome of the sale". When asked how many jobs had been saved through the sale, he told PrintWeek "the vast majority" – however no exact figures have been established.

Ramsbottom said: "NGS Print Finishers was in a precarious financial position and we are now preparing the company’s statement of affairs. However, swift action has enabled the business to continue to trade, with the retention of the majority of the workforce."

NGS Finishing Solutions was formed on 11 February 2011 with N.G Sharp as the sole shareholder.