The company comprises of three businesses – West Island, Intereel Group and Creation Greetings.

Tenon has already sold part of Creation Greetings with four staff made redundant, however, 24 jobs remain across the group and a spokeswoman for Tenon told PrintWeek that a sale of the labels division is expected soon.

Administrator Stan Coltman said: "I am cautiously optimistic that a sale of the label business can be achieved as a going concern which, if possible, will result in jobs being saved and retained."

West Island's sheetfed print arm has ceased trading and all jobs, along with several studio jobs, have gone. Only label printing and finance staff remain.

The situation at Intereel is less clear as the administrator has been on site attempting to facilitate a sale.

Coltman said: "The companies have faced a number of problems, including some significant bad debts and an overhead base too large to support its turnover within its print division. This, combined with the current trading conditions, caused the downfall of the group."