The Leeds-based company incurred a "massive bad debt", but had recovered to make a small profit for the year.

Managing director of the £2m-turnover company, John Grogan, said: "We had a strong asset balance sheet which we hoped to use to raise more working capital.

"However, the value of the factory was halved and the plant worthless insofar as raising finance was concerned."

The potential sale of 25-staffed company had been looked at after it closed its doors on 13 March, but it fell through because of the economic climate.

Grogan added he is not interested in making a pre-pack or phoenix of the company, and that he is currently working to pay off debts left by the business.

"I have absolutely no intention of establishing another printing company," he added.

The company works in B2, B1 and SRA0 formats, as well as A4 to SRA3 digital.

In January, it increased its presence in the personalisation market with the installation of a large-format UV flatbed printer from Fujifilm , an Acuity HD 2504.