It shows that the model is well on track towards franchising, said chief executive Tony Rafferty.

Rafferty said the firm would aim to have 12 businesses operating as franchises by the end of its financial year-end in March.

The new structure of territory franchises coupled with bolt-on franchises was now starting to gather momentum, Rafferty said. These chains should begin to support the central printing hub.

The report by Hardmans found that franchise options were progressing at a slower rate than expected however, which had led the firm to lower its profit expectation from 1.05m to 900,000.

The move to its larger central printing hub in Manchester has gone well.

The plan was also to open a second central printing hub within the next two years, possibly in the south, with Kent a likely location.

Its intended that all but a few of the existing firm-owned stores would become territory franchises.

Story by Andy Scott