Matthew Dunham and Les Ross of Grant Thornton were appointed to the company on Monday (25 October).

According to Dunham, around 30 of the 65 employees remain at the company's Manchester site completing work in progress.

He said: "A sale of the business has not been agreed but we are in discussions with a number of interested parties.

Dunham said that the company had a turnover of around £7.5m, but no results had been filed because "it was an amalgamation of several businesses".

Paramount bought fellow Manchester printer Qualitech out of administration in August 2009, and Dunham said that the company had struggled ever since.

He added: "Since buying Qualitech, Paramount has had a problem getting credit from the paper suppliers. It just reached a point where the business ran out of cash, it is a very tough market out there."

Paramount Print Group in Manchester is unconnected to Paramount Printers in Edinburgh.