We did not fit into Adares future aspirations and feared a sale may mean a trade buyer comes in and takes our customers and jobs away, said director Heather Howchin.
The Cheltenham firm produces bulletins for clubs and associations on four Heidelberg presses and handles data for car firms.
Adare wanted a 1m profit a year and as our turnover is 1.7m we were not going to achieve that for them, Howchin said. The other managers are Trevor Banks, Dave Garside, Patrick McGrath and Martin Widdicombe.
Quorum, formed in 1983 and bought by Adare in 1991, aims to buy a five-colour Heidelberg shortly.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
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