The management team, led by Sarney with the support of fellow directors Dave Mills and Jeremy Snell and former managing director Peter Maunder, had hoped to resurrect the business, which was closed on 26 April.

However, it has emerged that their bid has been unsuccessful due to start-up and high machinery costs.

Sarney said: "Our team has worked tirelessly to bring this to a successful conclusion and save the business and the jobs of the workforce.

"It is with great sadness that we have to announce that at this stage we are unable to find a way forward."

He added he remained hopeful that someone would realise the potential of the business and said that there were still some "options on the table".

However, he acknowledged that time had all but run out to rescue the company before the online auction, planned for the end of the month.

Mark Harman, director with Target, who advised the management team on their bid, said: "The rescue bid succeeded in attracting funding but unfortunately not sufficient to make it a viable proposition.

"The management team pulled out all the stops in their attempts to save the business. Sadly this was one of those cases where it was simply too late."

PrintWeek understands that a £250,000 bid was launched for the company, which fell short of the anticipated £400,000 or more that the administrator could garner from a liquidation of the company's assets.