Belgian-headquartered Cartamundi, which has a UK print facility in Canvey Island, Essex, acquired Richard Edward, based in Thamesmead, for an undisclosed sum in May.

Paul Roberts, general manager of Cartamundi UK, said: "I can confirm that we have acquired the business and assets of Richard Edward.

"We are currently in consulation with the employees at Richard Edward and it would be inappropriate to comment further until that process is completed."

According to documents filed at Companies House, Richard Edward chairman Mary Moger, marketing director Louisa Moger, operations director John Slayford, and sales director Richard Douglas all resigned their directorships on 5 May.

However, Roberts said that all but one of them had remained with the business. "All the previous shareholders except for one are still working at the company," he explained. "Its only natural that some of them resigned as directors but not employees."

Managing director Kevin Scott has retained his role, while Chris Bowhay, financial director of Cartamundi UK, was appointed company secretary on 4 May.

According to its most recent accounts, for the year ended 30 September 2010, Richard Edward made a pre-tax loss of £169,000 on a turnover of £5.2m, and employed 52 staff, including 41 in manufacturing.