Chief executive Barry Hibbert said the group was making “satisfactory” progress following the pre-pack at the company last month.

“39 of 42 key customer contracts are re-signed now and all key supplier contracts are in place,” he said.

Hibbert said the group would release more detailed information about its progress in the next fortnight.

Polestar lost the Immediate Media contract immediately after the pre-pack, and the Telegraph Media Group is also understood to be moving its supplements to another supplier, although this has still not been officially confirmed by the publisher.

The identity of the third client is unknown.

Hibbert also said that rumours that chief financial officer Swagatam Mukerji had left the business were incorrect. “Swag remains in his post of CFO and there are no changes with his role,” Hibbert stated.

Meanwhile, former chief operating officer Peter Andreou is back at the business working on a short-term project on behalf of the group’s owner, Proventus.

Andreou left the group last October, after Polestar decided to de-centralise its operations.

Proventus did not respond to a request for comment.