According to Swift: "It had been seeking to refinance for several months and was un- fortunately unable to do so."

The administrators, who were today unavailable to comment further, are investigating if the business can be sold as going concern.

According to Companies House, Broglia Press's turnover for the year ending 30 June 2009 was £6.53m compared with £6.56m in 2008.

However, it recorded a pre-tax loss in 2009 of £542,142, compared to a 2008 profit of £18,987. The business had 84 staff in the year ended 30 June 2009, but at its peak in 2002 employed nearer 150 with sales of over £11m.

On 14 August 2009, Broglia Press was sold to New Broglia Press a company owned by Broglia Press director Tony Marsden.

A former member of staff  said that, following the sale, around 20 staff were laid off in February and that he had not received last month's wages or yet been told that he had been made redundant.

A letter seen by PrintWeek purporting to be from Broglia Press and signed by Richard Grainger, who is understood to be the company's business development manager, said: "I regret to advise that, despite efforts to secure funding, there are insufficient monies available for the company to make the payment which is due to you in respect of your salary for the month of September 2010.

"You remain employed by the company, but should only attend for work if you wish to do so, on the basis that there is no money to pay you."

Swift said that the workforce, having been consulted by the business' management on 30 September, "chose to leave as they had not been paid". A handful of staff remain at the firm "to assist the administrators".

Swift added: "We are working to resolve the position of the employees which will be determined by whether the business, and their employment prospects, can be revived."

Broglia Press was unavailable for comment at this time.