The source alleged the Northampton-based printer became insolvent as "it could no longer pay its pension obligation" to members of the firm's pension scheme.

The source claimed the company was "in a limbo period", after it was forced to withdraw an earlier administration application when three company debentures, RBS, NatWest and another unnamed financier, intervened in a bid to recover money from the company. RBS, which also owns NatWest, declined to comment.

Only when this process is over could Arkle Print go into administration, the source claimed.

The source also alleged a 10-colour KBA press and a six-colour Heidelberg Speedmaster were due to be removed by HSBC Asset Finance. HSBC Asset Finance declined to comment.

Arkle managing director Tony Lawson and sales and marketing director Chris Hodgson also declined to comment on the matter to printweek.com, despite numerous requests for information.

As previously reported, they join local rival Printhaus as commercial director and sales director, respectively, along with six other Arkle staff.

Printhaus managing director Kelly Harris told printweek.com: "We expect both Tony and Chris to start work with us on Monday morning [25 February]."

He added: "I'm disappointed that such a longstanding company has had to close."

The closure comes at a difficult time for the print industry in Northampton, which is still reeling from the shock of hundreds of job losses after the demise of Quebecor World in nearby Corby.