The deal was staged by five of the Melksham firm's senior staff and was co-ordinated by independent financial adviser Monahans. The team is headed up by managing director Ian O'Connor, with fellow directors Mike King, Richard Masterton, Richard Blueitt and Gary Monument.

According to O'Connor the team's first job will be to buy a new 10- or 12-colour perfecting press in the next few weeks. He added that there was an opportunity to grow the business, which has a turnover of around 7m and a workforce of 100.

"The MBO came about partly due to the retirement of one of the directors," said O'Connor. "It was better than selling the company to a third party."

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