PrintWeek reported last week that the east London company, which went into administration on 9 July 2009, could be sold early this week to Crossways Envelopes – a company set up by the current directors.

At the time, an alternate bid from an external party had been tabled, but was deemed unacceptable by administrator Tenon Recovery.

However, Tenon's Colin Wilson told PrintWeek that a revised bid from the second interested party was received yesterday.

He said: "The management buyout is still getting their financial house in order – it is not at the completion stage yet. The second bid is still there, so we are just trying to get one of them over the finishing line."