Kroll partner Fraser Gray said that he hoped to sell the printing operations of the company as a going concern. There have been 21 job losses out of a total staff of 54.

The link between the two Edinburgh businesses goes back to 1869, when Waterstons took on George Stewart as its first non-family partner. Stewart left to start his own business in 1879.

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

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

Waterston 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 interests.

George Waterston (Security Printers) operations director Michael Willis was keen to point out that it was not linked to the receivership and had contacted key suppliers and clients.