The MBO team is being headed up by Richard Ashcroft who has been running production of the company for the past 13 years.

The £2m turnover company, which employs 34 staff, specialises in the finishing of wiro and plastic spiral bound books, calendars, and diaries.

In February this year, Fastnet installed a calendar binding line, increasing output by 18%.

David Martin, who formed the company, will remain during a short transitional period, before moving on to pursue other interests, including some work for Dash Products – the UK's only manufacturer of plastic spiral for the bookbinding industry.

Martin said: "The new team will need some time to settle down and decide how best to make joint decisions, regarding direction and investment. As they have all been with the company since the start, I know the company is in good hands.

"For myself, after 33 years in the printing business, I am now looking for a quieter life away from the red tape that consumes much of everyday life in business these days."