It is expected that Begbies Traynor will be appointed to the Walthamstow, London-based company, when it is placed into administration later this week.

One member of staff at the company said the closure was due to the current economic crisis and a lack of sales. It is understood that the company's employees have not been at work since 2 July.

In 2006, Bovince entered into CVA status. According to Companies House, tangible assets for the year ending 30 September 2006 totalled £280,000, down from £769,000 a year earlier.

Shareholders' funds for the same period in 2006 made a loss of £516,000, compared to a profit of £85,000 a year earlier.

A customer of the company said: "We are just a small creditor but have been chasing them for payment for nearly a month."

Bovince is one of the largest screen process and digital printers in Europe, running twelve on-line machines 24 hours-a-day, seven days a week.

Markets include all screen and digital print requirements from large multi-sheet posters, banners, bus sides, bus shelters and Superlite panels, to all point-of-sale display material.