Fine Colour Packaging is owned by Jed Gisborne and Jan Ahmed, and the Hill & Tyler deal was also backed by the Co-operative Bank.

Nottingham-based Hill & Tyler went into administration in June last year, with the loss of 80 jobs, and was then advertised for sale.

EFE regional sales director Richard Hill said Fine Colour Packaging acquired the business and assets of Hill & Tyler, having been provided with 1m worth of funding through EFE.

Some 30 jobs were saved at the plant, which he said was now run as a separate business but retaining the name of Hill & Tyler.

Backed by the Bank of Ireland Group, EFE offers a range of asset-based finance options, including raising finance against debtor books. EFE also supported Nick Dixon's acquisition of Howitt in a deal worth 7.5m in February this year.