The link between the two Edinburgh businesses goes back to 1869, when Waterstons took on George Stewart as its the first partner from outside the family. The firm traded as George Waterston, Sons & Stewart before Stewart left to start his own business in 1879.

Stewarts managing director Terry OHare said that the acquisition, for an undisclosed sum, was a great way to mark the companys 125th anniversary next year.

Although we took the acquisition decision on a strictly commercial basis, its quite a thrill to see the Waterston and Stewart names linked together again, said OHare.

Waterstons Mackenzie Storrie was formed six months ago after the demerger of George

Waterston & Sons (PrintWeek 12 June), with which it shared common directors Geoff Waterston, Paton Wallace and Graeme Douglas.

The other company that was formed at the time George Waterston (Security Printers), which has 75 employees, is unaffected by the administration and does not have common directors or interests.

George Waterston (Security Printers) operations director Michael Willis said that the demerger had involved a complete split from Waterstons Mackenzie Storrie.

Willis added that the company was keen point out that it was not linked to the receiverships and had contacted key suppliers and clients.

Its going very well. We have put a lot into the business nearly 1m of savings. Weve employed two new sales staff one based in London and a national sales manager. We are going for the specialist niche of personalised chequebook printing for private and merchant banks, said Willis.

Story by John Davies