The deal comes just six weeks after Blue Star’s Australian business was bought by its former managing director Geoff Selig, who backed by Wolseley p/e bought the Australian sheetfed, webfed, digital and print management parts of the business.

Since Blue Star was bought by Champ p/e in 2006 losses have mounted, not least of which for Champ itself, which paid $375m for the business but will have received back only a fraction of that from the Selig and Sturgess sales.

Blue Star’s bondholders, who had $137m invested with the company, lost the lot when the company delisted from the Kiwi stock exchange last August.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter