The packaging group, which was bought in a 15m MBO from Polestar a year ago, was placed into administration with PricewaterhouseCoopers last week.

Using acquisition vehicle TP8, a wholly owned subsidiary of trading and investment company TP3 (formerly Thomas Potts), Scanlon acquired the business for a consideration of 7.5m.

"As is usual in these circumstances we've had to move very fast to complete this acquisition so that the jobs of the employees can be secured and, importantly, ensure that the client work continues to be produced without interruption," said Scanlon.

He added that it was likely that the Boxstar brand would be dropped and the four manufacturing operations might revert to their previous trading names of Broadley, Jowetts, Hannibal and Taylowe.

All 310 staff across the sites based in Accrington, Leeds, Leicester and Maidenhead have been transferred to TP8 however it is not yet clear whether the directors, who carried out the MBO from Polestar, will also be transferring.

The four sites produce a range of printed packaging materials -including foiling, rigid and tube cartons, self-adhesive and wet-glue labels, and foil laminate sachets - and offer digital pre-media and imaging services.

TP3 is also the parent company of Langley-based fulfilment and storage business Fairway PSD.

Scanlon, using acquisition vehicle Overgoal, fought off other trade buyers the land the Vertis UK DM operations this week.