It bought the Guernsey-based firm, formerly known as Channel Print, for 1.1m from The Guiton Group in March 2002 (PrintWeek, 8 March 2002).
Howitt Offshore sales director John Dodsworth and commercial director Martin Edmiston have led the MBO. They will be supported by J Howitt & Son managing director Dr Laurence Powell, who joins them in a non-executive position.
After last year's acquisition Howitt brought in John Holland, formerly of William Caple, as managing director but he left the firm around two months ago (PrintWeek, 19 June).
Howitt Group chief executive James Elliot said the group decided to sell the Offshore operation to ensure its core businesses and "heavyweight projects" like the Equator gravure plant remained its top priorities.
Howitt has had an eventful summer. In June it was also hit by the departures of sales and marketing director Mike Normyle and finance director Chris Knight.
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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."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
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