A meeting of creditors has been called for 16 June 2011, at which a liquidator is expected to be appointed.

All 60 employees were made redundant on Monday, as Andrews became the latest victim of the declining web offset market.

Managing director Philip Booroff told PrintWeek that due to structural changes in the sector there was no longer enough work to sustain the binding business.

He said: "Our customer base has disappeared due to people going bankrupt, which has also left us with a number of bad debts. Rather than wait for financial difficulty to hit us, we are trying to minimise the impact on suppliers, although it is impossible to eradicate that completely.

"We were geared up to do high volume work 24-hours a day, seven days a week but the work isn't there now. Last year we got £1m from Southernprint, this year we have nothing and we were getting £1m of work from Cooper Clegg until they went in 2008. What can you do?

"The thing is, they all go owing you money and that drains the cash that you build up in the business. You end up with no spare capital and when the downturn in trading does come you can't ride a bad patch, there is no meat on the bones. Of course the banks don't want to help, they are not in the business of helping."

Andrews Finishing was started by Booroff in 1986, with one folder and a guillotine. Booroff said: "It is my life's work really, but you can't hold back the tide, you can only do what you can do and the company can't carry on in its current guise."

Booroff added that he intended to purchase the direct mail side of the business from the liquidator, which made up a very small percentage, and start a new business.