The Swindon-based direct mail printer said its insurer Aviva refused to offer compensation for a burglary last October which left the business £42,000 out of pocket in missing stamps.

Thamesdown managing director Paul Parkin said its insurance policy cost £5,600 each year.

"I think it's an outrage that a large insurance company like Aviva is happy to take your money, but when it comes to the crunch it flatly refuses to pay out," he said.

"It has said that we didn't comply with its terms and conditions but it freely admits that it didn't send them to us."

Tomlinson, who also ran a print company for a number of years, said: "As soon as I heard about this, I went to meet Paul and wrote to Aviva at the highest levels to try and get this decision overturned."

Tomlinson told PrintWeek that it was an ongoing investigation, and added that the print company was an extremely profitable business.

"Thamesdown is just the sort of local company which needs supporting. It employs 50 people and can ill afford this sort of loss. I hope Aviva will see sense and honour this claim," he said.

However, John Franklin, media relations manager at Aviva, said: "Thamesdown Marketing Services did not adhere to the necessary security requirements needed to protect their property from this theft.  

"Because of this we, unfortunately, had to decline the claim."

He added that the terms and conditions of the insurance would have been sent by a broker, and not Aviva.

Police are still examining evidence collected at the time of the burglary, although Parkin said that a suspect was already on bail.