Specialist Bedfordshire printing firm Colne VCS Limited, trading as Abstract an Annodate Company, has been sold out of administration, securing 49 jobs.
Stephen Grant and Anthony Cork of Wilkins Kennedy were appointed as joint administrators on 2 September.
Stephen Grant, partner at Wilkins Kennedy, said: “We have been able to secure a healthy future for Colne VCS Limited in such a short period of time.
“The main aim was to obtain the best price possible for the assets and secure the 49 jobs at the company, and this deal achieves that.
“Now that a sale has been achieved, the business has a bright future ahead of it. It delivers excellent service to blue chip customers and this sale will enable the business to continue and provide a seamless service to its customers.”
Established in 1979, Colne VCS suffered from a deceasing demand for its services due to a worldwide reduction in demand for its customer’s products and services.
Grant explained the deal will provide the company with the necessary investment to move forward and grow.
He said: “As is not unusual with printing companies the order book can be erratic and in a business with high capital investment costs and in the short term a fixed staff base a decline in orders and therefore sales can have a significant negative effect on a business.
“The directors of the company sought insolvency advice, and, having reviewed the options, they believed that an administration sale would give the best return to creditors.
“Now that the deal has been completed, and with a blue chip customer base, the business is in a much healthier financial position.”