This week, the CBI's Access to Finance survey found that for companies with more than 5,000 employees, there had been a "strong rise" in the availability of credit over the past three months. 

However, SMEs surveyed experienced a 12% decline in the availability of existing credit lines over the past three months and expected a similar tightening during the next three months.

Mark Nelson of Compass Business Finance said that, in the print industry, credit conditions have not eased over the past 12 months, despite low interest rates and the apparent beginnings of recovery in the banking sector.

"There has been no easing of credit conditions, but everyone is getting used to what is required and the extra measures that a business has to go to in order to attract finance," he said.

There has been some evidence of success with both Pega Print and Purbrooks successfully raising finance, but anecdotal evidence suggests such  deals are few and far between.

Marcus Clifford of BPIF McInnes Corporate Finance said: "My advice would be not to go to your bank before you have reviewed all options."