The flexible packaging printer went into administrative receivership two weeks ago with recovery specialists Tenon Recovery, following the collapse of its company voluntary arrangement (CVA) (PrintWeek, 15 March).

A spokesman for Tenon said it had been unable to sell the business as a going concern due to creditor pressure.

"We are now in the process of dispersing the customer list, but we were left with no choice but to make the majority of the workforce redundant," said the spokesman.

Romney, which claimed to have sales of over 11m, agreed a CVA in November last year, which was handled by Kroll Buchler Phillips.

The directors of Romney called in the administrative receivers after the firm failed to meet its CVA commitments due to cashflow problems.

A small number of staff remain at the site to finish existing work. A list will then be drawn up of equipment to be sold.

Romney spent over 6.5m in 1999 on the Swindon factory and new kit, including a Fischer & Krecke 10DF/8CNC flexo press from Edlon and a nine-colour Rotomec gravure machine (PrintWeek, 28 May 1999).

Romney emerged out of an MBO from Mars Confectionery in 1983. The factory in Swindon replaced sites at Westmead and Slough.

Story by Andy Scott