Staff at Keating Group, which also specialises in repro and cylinder production and is headquartered in Mold, Flintshire, were told on Friday morning that they were redundant and would not be paid for the last four weeks.
Ex-owner Mike Keating, who sold the business to Mike Samuel and Paul Musto in July last year, called the collapse "disgraceful".
He claimed Ernst & Young had been appointed administrators this afternoon, "nearly a week" since the directors "pulled the plug".
A source at one site said there had been "absolutely no expectation" of the shutdown, which the directors blamed on a bank changing its mind about releasing money for the company.
Keating Group's sites include a cylinder engraving facility in Bradley Fold, Lancashire, a printer inplant facility in Livingston, Scotland, a repro site in Letchworth, Hertfordshire and a site in Dublin.
According to Keating, he was working with Ernst & Young to "trying to arrange something at Bradley Fold".
"I'm just looking to see if any jobs can be saved," he said, but admitted that he had "no power or control" to save "people he'd worked with for 20 years."
KEATING FACTFILE
Sites
• Mold, Flintshire repro, gravure cylinder engraving and production
• Bradley Fold engraving
• Letchworth design and repro
• Livingston engraving
• Dublin design, repro, engraving
Staff
• 125
Established
• 1987
Customers
• Amcor
• Alcan
• British American Tobacco
Got a view on this article? Comment in the space below or head to the printweek.com forums to have your say.
Have your say in the Printweek Poll
Related stories
Latest comments
"Well done all involved... great to see the investment to increase the productivity in the same footprint- much more sustainable than popping another one up."
"From 1949 until the late 2000s Remploy had a network of government-subsidised factories that offered employment specifically to disabled people, originally often war veterans or victims of industrial..."
"Does appear an odd decision as with that level of shareholder funds they would be liable for the staff redundancy and cover the insolvency costs. It’s not like they could take the money and dodge..."
Up next...
Andrew Whyte takes reins
MBO at LT Print Group ensures smooth transition
Educational day in Yorkshire
Northern Stationers see historic print and more in York
Supporting growth in new and existing markets
WTTB backs digital intentions with new e-commerce specialist
Investment in e-commerce fulfilment