As chief executive of pre-press firm Graphic Facilities, Holmes sold it to Wyndeham in 2004 for 6.3m.

Holmes is now the fourth-largest shareholder at Wyndeham Press Group, owning more than 2.75m shares.

Holmes told PrintWeek he resigned last Monday but had not heard from the firm since.

"I don't know whether they need six months' notice or they want me to leave immediately," he said.

When asked whether he would return to the industry, Holmes said he did not want to abuse the terms of the contract he signed when he sold Graphics to Wyndeham.

"I'm not sure what those terms are. It might not be for a couple of years, by which time the whole industry could have changed," he said.

"I believe there is always room in the printing industry for a business that is professionally managed and I believe that over the last 12 years, that is what I have done. I sold out to a business and I wasn't entirely happy there so I will be back again in some other form."

He said he would consider sectors other than pre-press.

"I don't think pre-press is the flavour of the month. Print management is, but I've always been dead against it."

Holmes' stock was worth around 4.5m when Wyndeham's board approved the 1.55-per-share offer made in March by Icelandic investment firm Dagsbrn.

Wyndeham declined to comment on Holmes' departure, but confirmed in a statement that he had resigned.