Joint managing director Chris Jordan said Wheatley was a qualified accountant with considerable experience in the print industry.

The announcement of Hawkins' resignation with the appointment of Wheatley was a coincidence, said Jordan, although the company will not seek a replacement for Hawkins at the moment. Wheatley will initially focus on the financial side of the business.

Cradley's business had changed considerably over the past year, said Jordan, and it was increasingly involved in the production of press-finished products. Jordan said Cradley was in discussions for two publishing contracts, which he hoped to reveal next year.