According to a spokeswoman for insolvency practitioner Vantis Business Recovery, the Rayleigh, Essex-based company had initially planned to go into administration.

However, the business now plans to hold a meeting, due to take place at VBR's Hornchurch office, at which Character will nominate itself for a company voluntary liquidation.

The spokeswoman added that all staff had been made redundant. It is not yet known the exact number who worked for the printer.

Character was bought in 2006 in an MBO headed up by directors Kevin Lawrence and Vince Ward. The two took over after former managing director Richard Peters retired.

Ward and Lawrence were unavailable for comment.