The 54 employees had been locked out of the company for almost two days last week as they sought clarification on their future from managing director Michael Bennett.

A majority of the staff gathered outside the factory in Norwood to find the lights were on, but nobody was answering the door.

Employees pointed out a BMW M3 car, believed to belong to Bennett, that had been left on jacks in the car-park after a local tyre dealer came to repossess his wheels believed to be unpaid for goods from the company.

The call finally came through at 4pm last Friday (16 January) telling staff that a last-minute rescue bid for the firm had floundered.

Cameron Gunn, a senior manager at corporate insolvency specialists Tenon Recovery said that he was still looking to save the business. Unfortunately we only have a few days left to find a buyer as the company was losing clients from its order book rapidly in its last few months.

Yale Press has made substantial losses recently and it was a debenture holder, one of the companys banks, that decided it could no longer support it. It is unlikely that creditors will see any of their money, Gunn added.

Many of the staff had also not been paid for the past month, according to Gunn.

Former Howard Hunt Direct managing director Bennett bought Yale Press in November 2002.

Story by Tony Brown