Tony Nygate and Geoff Kinlan, business restructuring partners at BDO Stoy Hayward, were appointed as joint administrators for the company on 4 July.

On the same day, the company was sold as a going concern, with the majority of the 300 staff moving across to Thames Riverside.

The Art Group's head office, which is based in Camden, London, and its UK distribution centre, based in Wellingborough, Northamptonshire, were both included in the sale.

However, its shop in Bayswater, Greater London, has been closed and around 10 staff have been made redundant.

The Art Group's products include limited edition prints, canvas and paper prints, pre-framed pictures and greeting cards. The company also represents contemporary artists.

Prints are produced on wide-format HP and Epson digital presses. No further information was currently available.