However, PPS Grasmere, which shares director Howard Dean with PPS, had already bought one of PPS's two presses in the run-up to the administration and it paid more than the valuers' estimate for the remaining assets.
Peter O'Hara and Simon Weir, of O'Hara and Co, were appointed as administrators to the Leeds-based printer on 20 August, before selling the business and assets in a pre-pack deal five days later.
According to the administrators' report, PPS Grasmere bought the customer list, goodwill, office furniture, business equipment, stock and work in progress for a total of £10,302.
It paid £600 for the work in progress, which was actually valued at £500, and £9,000 for the office equipment, which was valued at £6,200.
According to the report, the sale of the assets to PPS Grasmere preserved 20 of the company's 32 jobs.
On 22 July, C W Harrison & Son valued the company's two main machines, a B1 Mitsubishi and an SM74 Heidelberg, at £200,000 if they were sold as a going concern.
The Mitsubishi was sold for £275,000 to an unrelated third party in Taiwan, while the SM74 was sold to PPS Grasmere for £140,000. The sale was used to discharge the indebtedness of a secured lender, State Securities, which was owed £370,000, with the surplus being paid into the company's bank account.
Weir said: "We can't take any credit for the sale of the machines, had we tried to sold them I think we would have struggled because once the word administration gets bandied around everybody thinks they can get a bargain. All our agent did was ensure that the machine was not undervalued."
He added that O'Hara and Co was in the process of debt collecting and expected there to be a dividend for creditors.
PPS Grasmere is currently negotiating with Lombard North Central, which owns the majority of the remaining plant and equipment, to take over the finance and agreements.
Lombard North Central is owed £96,000 for the equipment, which CW Harrison and Sons has valued at £45,000.
Dean was not available for comment as PrintWeek went to press.
