The report also revealed that the Gateshead printer left over £1m of debt, with paper companies hit for more than £350,000.

SPD went into administration with insolvency practitioner KSA Group on 8 June, but support from customers and suppliers allowed it to continue trading.

In the creditors' report, filed ahead of a meeting scheduled for tomorrow (16 August), administrator Eric Walls stated that 16 parties had shown interest in the business.

However, the only party to take the interest forward was A2 Screen Print, which shares directors Joseph Laidler and Malcolm Gray and shareholders WH Forster Printers and JE Laidler North East with SPD.

According to the report, many interested parties were put off pursuing the company because it had never owned "the vast majority of the chattel assets of the business".

The total consideration of the assets, stock and work in progress was £32,006. The report said: "The offer has been accepted but completion has not yet taken place. At this stage, it is anticipated matters will be completed within the next two weeks."

Of the £1m deficit, £251,000 was owed to associated businesses A2 Screen Print and W H Forster (Printers).

Walls was unavailable for comment at this time.