All 33 staff lost their jobs when the Leicester-based company appointed Chris Wood and Ian Gostellow, of Clough Corporate Solutions, following a period of "extremely challenging trading conditions" and a decline in demand within the market.

Ian Whitfield, managing director of Senator and sister company Alpha Media Solutions, which is unaffected by the administration, said he wasn't hopeful for a sale by the administrators.

"I don't think there is a market for it to be fair. This was a perfect situation for a pre-pack but we, of course, did not want to do that," said Whitfield.

"Capacity needs to go out of the market where it is not viable and it is not viable here."

In addition to a difficult trading climate, the company blamed its collapse on an increase in bad debts, despite efforts to reduce the cost base and secure new work.

The print finisher also put forward a proposal to HM Revenue and Customs that it claimed would have provided a platform to secure additional investment and continue trading, however, this idea was rejected.

Whitfield added: "The board would like to place on record its appreciation for the hard work of all the staff and its regret that a long-established business with an excellent reputation has fallen victim to the worst business environment in the print industry in many years.

"We had some excellent, very skilled people here and I wish them all the best in the future."