HSW went into administration owing £853,046 to over 80 creditors on 17 September, according to the administrators’ report.

Howard Smith Paper Group was owed the highest amount of £171,047.19, and Donald Murray Paper and Antalis McNaughton were owed £88,458.68 and £63,105.91 respectively.

Formerly known as Hackman Printers, HSW Print was issued a demand to repay its invoice finance facility to Bibby Financial Services on 17 September, after it breached the terms.

HSW was unable to satisfy the demand and Simon and Daniel Plant of SFP Group were appointed as administrators on the same day.

The company looked to achieve a going-concern sale by 12pm on
21 September but, despite a number of companies visiting HSW Print with a view to buying, the only offer received within the timeframe was too low.

SFP Group finally sold the assets and premises to Zenith Media on
2 October.

It is uncertain whether there will be a surplus available to unsecured creditors because there is already an expected shortfall against the money owed to Bibby for the invoice finance facility.

However, preferential and secured creditors are expected to be reimbursed from cash brought in from the sale of HSW Print’s property.

SFP Group revealed that HSW Print had approached third parties in the hope of achieving a share sale in the first half of 2012, after it suffered a decline in business in 2011. But despite strong interest, no acceptable offers were received.

HSW Print’s directors Malcolm and David Hackman ultimately blamed the economic downturn for the deterioration of the business and said they had experienced price wars and squeezed margins in a market they considered to be "saturated with print providers".