The Bermuda Press (Holdings) Ltd. announced on Friday that it had acquired 98.8 percent of the shares of printing company Engravers Ltd.

Bermuda Press (Holdings), which owns The Royal Gazette, announced on December 2 that it had reached agreement to buy Engravers.

The share purchases mean the buyout of Engravers will now go ahead.

Last month, Bermuda Press general manager Paget Wharton said ten of Engravers' 28 employees had been given four weeks notice at the beginning of January.

At that time, eight out of ten had signed up for professional services to help them create resumes and look for new jobs while redundancy packages amounted to as much as 60 weeks pay along with a continuation of health insurance through the end of April.

Bermuda Press (Holdings) said the buyout had taken place due to the continued highly competitive nature of the commercial printing sector.