REDUNDANCIES will not be reversed following an asset sale at an historic former printworks, according to administrators.

Printers Goodman Baylis - the trade name for HS Printers, went into administrative receivership at the end of October with the loss of 120 jobs.

The plant and machinery, fixtures and fittings have now been sold for an undisclosed sum to Clive Parkes and Roger Muir, the business’s original owners who still hold the current site in London Road.

The deal was concluded on Thursday and Mr Parkes and Mr Muir were among “very few” interested in buying the assets, according to administrators Harris Lipman (HL).

HL were unable to sell the business due to the current economic climate and spare capacity in the print industry.

Freddy Khalastchi, of Harris Lipman, said: “We were only able to sell our interest in the assets of the company.

“The landlords hope that they will find a printing business that wishes to use the facility, which is one of the most respected in the country."

The firm, which printed Kays mail order catalogue, was previously owned by Media and Print Investments, but that company went into administration in September.

Assets were then sold on to entrepreneurs David Searle and Stephen Hardy.