A spokeswoman for KPMG told PrintWeek today that it was not yet in a position to comment on the situation as the firm had only just been appointed, but said more news is expected tomorrow (22 December).

However, she confirmed that Richard Hill and Joff Pope had been named joint administrators for the Bristol-based company.

Formpro MM was not available for comment.

Formpro announced in November last year that it would make redundancies in early 2009, less than six months after Barclays Ventures became a shareholder and injected £2.75m into the business.

Barclays Ventures' funding matched the £2.75m invested by the Hughes family, which founded Mail Marketing International – the company that would later merge with Formpro in 2005.

According to the company's latest accounts to 31 December 2007, it had a turnover of £10m – down from £20m the previous year.