Abbotts was initially spared administration when the Visual Communications Solutions (VCS) group collapsed last week because a buyer was believed to have been found.
However, the proposed deal fell through and the company was placed into administration on 22 September and bought in an apparent pre-pack deal by four directors of three jointly-owned print companies.
The four directors are Peter Murtagh, of Portobello Press; Mark Ward, managing director of Printright and Michael Taylor and Chris Roberts, managing director and financial director of Rhodes Printing and Rhodes Labels.
Murtagh said Abbotts will initially operate independently although there are plans to bring all of the companies under one brand, the Colour Link Group.
He said: "Abbotts Creative Print is a good company and I'm sure we can make it viable. For the immediate future, we plan to build links between the companies and the acquisition is the first step in cementing our plans."
Lutterworth-based Abbotts' turnover was £4.5m for the year ending 30 June 2007, with a £34,800 profit for the same period. There are no planned job losses at the 32-staff company.
Joint administrator Toby Underwood said: "I'm confident the sale will help Abbotts move forward in this challenging economic climate."
VCS Group managing director Peter Smith said the group had recently experienced difficult trading conditions, which were exacerbated by "a couple of bad debts".
"The group had the full support of its bank. Unfortunately the invoice finance company did not share the bank's confidence and placed restrictions on the group's cash flow. This led to suppliers not being paid and the group effectively ceasing to trade."
Clearpoint Print Services, based in Basford, Nottingham, is in no way associated with VCS (Clearpoint).
TWRM PRINT FACTFILE
- Acquired: Abbotts 22 September
- Companies owned: Rhodes Printing, Rhodes Labels, Abbotts Creative Print, Portobello Press, Printright
- Owners: Michael Taylor, Mark Ward, Chris Roberts and Peter Murtagh
- Future operating name: The Colour Link Group
