Stockport-based Qualitech shocked the industry by calling in administrators PKF on 7 August but a quick sale was urged to keep the respected business running.

It emerged yesterday that PKF was close to a sale, with an announcement expected later today or tomorrow.

Although a deal has not gone through, PrintWeek has learnt that Paramount Group is close to sealing a deal, subject to legal discussions.

Around 40 of the company's staff have been made redundant, while 12 are still working for the administrator. It is not clear at this stage if any of the staff will be re-employed.

Earlier administrator Jon Newell said that he was hoping to do a deal as quickly as possible adding that contracts were being prepared and the legal teams were in negotiations.

Paramount Group could not be reached for comment.

More to follow…