The company has been sold to Northern Packaging Distributors, which is headquartered in Newton Aycliffe, County Durham, but has other operations around the country.

Riverside, based in Newbury, was non-core to Wyndeham and has been up for sale for a number of years. It produces household and food packaging, including tea bag labels and sachets.

Wyndeham chief executive Bryan Bedson said: We had been trying to sell it rather than close it down.

In May Wyndeham sold Riversides Newbury site for 3.7m, and the deal included a six month lease-free period, which will expire shortly.

It appears inevitable that NPD will relocate the business, but further details were unavailable at the time of writing.