The administrators are now officially in, so it will be even more interesting to see what happens next. Clearly a sale of the business looks likely as there are already a number of interested parties, presumably the ‘old’ company’s management team being chief among them.

However, the old team will surely have a bit of a credibility problem in client discussions after they cited Marks & Spencer’s decision to pull the plug on its contract with the company as one of the key factors that led to the loss of 160 jobs and the closure of two sites.

Whether accurate or not, they must be regretting blaming M&S, firstly because having a pop at the bastion of British retail is akin to criticising the memory of the Queen Mother and secondly in the security print sector, naming, let alone shaming, clients is hardly the done thing.

But even worse, unlike the Royal family in similar circumstances, M&S has actually gone on record to refute the company’s claim and then gone a step further and actually revealed that their decision to sever ties with the company came as a result of the management team detailing their plans to phoenix the company and asking if M&S would continue to deal with it.

All credit to M&S for speaking out; I wonder how many companies have bitten their corporate lip in similar circumstances? However, even better than that, well done to the procurement team for deciding that they weren’t "comfortable" with the idea of the company sidestepping its responsibilities to its employees and creditors. In fact, credit to administrator David Rubin & Partners too, who at this stage have been very transparent in their dealings.

As I’ve said in the past, it’s this kind of stand by print buyers that is going to be far more effective at stamping out questionable pre-packs than possibly even a change in legislation.

All we need now is for M&S to place the work with another UK company (or new, different owners at BemroseBooth) at a sustainable price and the retail behemoth will really have covered itself in glory.

Darryl Danielli is editor of PrintWeek