Christopher Brown and Andrew Maybery of Hart Shaw were appointed to Rotherham-based Centrereed on 11 June to place the company into administration.

According to Brown, Centereed, which turned over between £3.5 and £4m, "had simply run out of cash and could not borrow anymore".

He said staff were told that they were not going to be paid for May with the company running out of money.

Although Brown was initially hopeful of selling the business as a going concern, he has conceded it is now unlikely "unless someone comes forward in the coming weeks".

He said the administrators were now looking at an asset sale for the site and equipment in September.

Hart Shaw is also handling the administration of sister company Duffields Business Forms, which became insolvent at the same time as Centrereed.

The Huthwaite, Nottinghamshire firm employed 50 staff and is also set for an asset sale later this year unless a potential buyer comes forward.