Director Nigel Jones told PrintWeek earlier this week that there was no intention for the management to buy the company out of administration because they were "not in a position to buy the company back".

However, SFP administrator Daniel Plant, said yesterday: "The sale of the company’s business and assets to its senior management, after protracted negotiations, achieves the optimum outcome for creditors, stakeholders and employees. The business now has an excellent opportunity to regain its profitability.

"Wellprint is a long-established business that has operated as a limited company for more than 20 years. Financial difficulties arose last year, mainly due to the company being hit by a number of significant bad debts and the general negative effects of the severe economic downturn."

All 27 staff will keep their jobs, it has been confirmed.

The purchasing vehicle used to buy the business is a new company Wellprint UK, set up on 19 June this year. The sole director at Wellprint UK is Martin Moore. It is unclear what his role with the company will be going forward.

Moore is a director at another firm, Basicstyle, in which Jones is also a director.

Both Moore and Jones were unavailable for comment at this time.