Gee, who is also managing director of parent company Denmaur Papers, said that several cost-saving initiatives had been put in place since he took on the role of IP managing director in 2003.

These included moving a number of the firm's back-office functions from Wakefield to Kent. It has also raised funds through a rights issue of 800,000 to 900,000.

"For the past three months we have got Independent back to making a profit," said Gee. He admitted, however, that the market remained a testing one.

Gee added that lessons had been learned which had enabled him to turn the business around.

Independent Paper has five branches across the UK.