PrintWeek has seen a copy of the report, which also shows that almost £700,000 was owed to other finishing companies, particularly hand finishers – one of which was owed more than £300,000.

A packaging equipment specialist was also hit for £88,000, while a number of finishing product suppliers were also left out of pocket.

In total, around 200 companies are featured on the report and one insolvency expert who did not want to be named told PrintWeek: "Some of those names will struggle to bounce back from that (the loss of money)."

NGS Print Finishers changed its name to Print Realisations 2011 on 25 March, almost a month after the firm went into administration with Moore Stephens on 2 March.

The assets and business of the £6m-turnover company were sold back to director Neil Sharp, through new company NGS Finishing Solutions, for £275,000. Although the sale was completed on 4 March, it was backdated to 2 March at 3.30pm, the time and date of Moore Stephens’ appointment.

According to the administrator, saving jobs was given precedence over a disposal of the company, which would have brought more money in, but could have incurred greater costs.

Sharp’s offer of £275,000 was £5,000 less than the estimated £280,000 that could have been achieved in a 30-day disposal. However, according to estimations, a 90-day disposal could have earned £365,900.

The report states: "The alternative option being that, following administration the business ceased, all employees would have been made redundant and agents instructed to dispose of the plant, machinery and other tangible assets within a short time frame. This would have resulted in considerable additional costs being incurred."

NGS Print Finishers employed around 70 staff at the point it entered administration. According to the report "the majority" have transferred under TUPE, although no official number has been made available.

PRINT REALISATIONS (NGS)
Formed 24 July 1995
Managing director Neil Sharp
Turnover £6m at its highest
Employees 70 at point of administration
Administration date 2 March 2011
Debt £1,459,971
Largest debts £304,638, £152,813, £88,555
Sold for £275,000
Sold to NGS Finishing Solutions, director Neil Sharp