Jon Newell of insolvency practitioner PKF was appointed at the Stockport-based company this morning (7 August).

Newell, who was on site this afternoon when he spoke to PrintWeek, said that none of the 60 employees have been made redundant, but "some are inevitable".

He added: "We are assessing what the company possesses to continue trading and we are looking to complete the profitable work in progress while offering the business for sale. We will be reviewing the trading situation as we go along."

There have already been some expressions of interest in the business, which had a turnover of just under £6m in its financial year to July 2009.

Newell explained that the business had been forced into administration after running out of funds.

He said: "With the over-capacity in the industry, prices have been forced lower and lower. New technology comes along all the time, but a Heidelberg press is still an expensive piece of kit.

"In this industry there are so many failures that new competitors can come in and pick up cheap, nearly new kit. They can work on a different pricing structure."