SPD went into administration with KSA Group on 8 June, but continues to trade in administration almost a month and a half later.

The continuation flies in the face of many insolvencies, where administrators are quick to point out that a pre-pack sale is the only way forward because once news of the administration gets out suppliers, customers and key staff walk away.

Administrator Eric Walls told PrintWeek that he was still in discussions about a possible sale.

He added: "It is never easy to trade a company in administration; you are always at risk of losing customers. At the moment it is all ok, there was work in the pipeline that we have managed to retain.

"Trading in administration if there is work there will lead to a better return for creditors. It really depends on the type of business and the contractual arrangements you have in place. At the end of the day you can only pre-pack if there is someone to pre-pack to."