The Trowbridge, Wiltshire-based company, which was founded 18 years ago, was placed in administration with KPMG yesterday, at which time 40 of its 63 staff were made redundant.

KPMG partner and joint administrator Richard Hill said: "Many of the company's problems stem from a large bad debt it incurred a couple of years ago which impacted on cash flow.

"Despite support from its bank and other stakeholders, the company has been struggling for several months and economic conditions mean that the business cannot continue in its current format."

He added that the company would continue to trade in its scaled-down format "for a short time" as it fulfilled work in progress.

Cromwell Press managing director Allan Hicks could not be reached for comment.

Interested parties should contact David Clarke at KPMG on 0117 9054792.

For more see this week's PrintWeek.