Wood has been appointed chairman of Cooper Clegg with immediate effect following the sale.

The former managing director of A&R Carton's UK subsidiary, A&R (UK) and most recently of PoS printer Diam International, said he was "delighted" to be leading the BIMBO team and was looking forward to "getting on with the job".

"The economy is very difficult and likely to get worse, and the sector’s challenges have been widely reported in the press. I intend to bring stability first and then growth to this business," he added.

Pindar announced its decision to sell the Tewkesbury-based web offset printer in September, citing "unsustainable pricing" in the sector as one of the key drivers behind the move.

Group chairman Andrew Pindar said: "Pindar is pleased that the future of Cooper Clegg has been resolved quickly for the benefit of its customers, suppliers and employees.

"We recognise both the support of customers and suppliers, and the commitment and professionalism of Cooper Clegg’s employees during this difficult and unsettling period."