Lee De’ath and Richard Toone of CVR Global were appointed joint administrators of Basildon-based Lynhurst on 2 April, after the company had experienced financial difficulties.
They facilitated a pre-pack administration to David Button, co-founder and managing director of nearby Hockley-based 4edge, on the same day.
The administrators said 12 jobs had been saved at Lynhurst Press, which will now trade out of its current premises as 4set and will be run by Button. While nobody was let go, one member of staff resigned prior to the appointment of the administrators.
Lynhurst Press traded for more than 30 years, serving sectors ranging from blue chip companies to local authorities.
“It is always disappointing to see a company with a great history and reputation go into administration, however, both the firm’s strong reputation and varied client base has enabled us to swiftly secure a buyer,” said De’ath.
“We will now be working to find the best solution for the realisation of the company’s remaining assets in order to maximise recoveries for creditors.”
Steve Samuels, who was managing director of Lynhurst Press, added: “The board has worked tirelessly to find a solution to the current financial difficulties with a view to rescuing the business and saving the jobs of the staff.
“We were delighted that Lee De’ath was able to find a buyer for the business and we look forward to the transition of working within the 4set group of companies.”
Button incorporated 4set Ltd on 29 March according to documents filed at Companies House, and is listed as its sole director.
He said: “Lynhurst Press was a great company with great staff, unfortunately rising costs and dwindling margins overwhelmed them – a sign of the times.
“Acquiring Lynhurst Press allows us to focus on its core products and excel through investment within that area, additionally now 4set will be part of a well-established larger group of companies, which can offer more products to what is a great client database.”
He added: “All this aside, what has pleased me the most is to save the 12 jobs including Steve Samuels and Karen Hyner as they all have shown loyalty and dedication over what must have been a very difficult period. That shows resilience and must be rewarded.
“We have an intense period of marketing planned to help the business realise its potential and are looking to develop the business by adding pioneering print technology – we’re talking with suppliers about possibilities of changing to B2 inkjet presses. This really will launch the company forward due to its versatility in its products.”
In 2017 Lynhurst Press took delivery of a Xerox Versant 180 to run alongside two five-colour B2 Komori presses, one with coater, and an Epson SureColor. While the business reported a turnover of nearly £2m at that time, a more recent figure was unavailable at the time of writing.