PrintRepublic is set to go into liquidation.


It took the decision to appoint an insolvency practitioner after failing to secure second-round funding.


Chief financial officer Peter Petyt said: "We have spoken with a qualified insolvency practitioner with a view to putting PrintRepublic into liquidation. We have worked tirelessly over the last few months to secure second-round funding but it seems the market is against us and we now have no other course of action."


PrintRepublic was launched last October offering consumables, secondhand machinery and websites for printers. Its aim for its own brand RedLabel consumables was to cut typical costs by 20% through supply chain efficiencies targeted at small- to mid-sized printers.


It evolved from Surpex, an online used printing machinery exchange devised by Petyt and ex-Global Graphics UK managing director Andrew Brian.