Screenprint Plus, a division of the SPP Group, has been bought out of administration by former director Ian McCreadie's new company Rencourt.
The sale of the business was completed at 3pm yesterday (5 May). Administrators Andrew McTear and Chris Williams of McTear Williams & Wood had been appointed to the Norfolk-based company on 17 April.
A spokesman for McTear Williams & Wood said the sale had saved 22 jobs.
According to Screenprint Plus's latest accounts, dated 31 March 2007, it employed 170 staff and had a turnover of £10.8m with a pre-tax profit of £338,000.
Screenprint operates out of SPP Group's 4,300sqm factory in Great Yarmouth, which also houses the group's SPP Digital and Cherry Cube brands.
Both SPP Digital and Cherry Cube are understood to be unaffected by Screenprint Plus's fall into administration.
However, SPP Engineering – the group's sheet metal engineering division in Nottingham – has also been placed in administration with McTear Williams & Wood. The company is yet to be sold.