The fate of its sister company, Borcombe SP hangs in the balance as the owners explore options with "a number of buyers interested". Currently, however, according to Steve Hardy, joint managing director of HS Printers, it is not in administration.

Sources close to the firm have told PrintWeek that a buyer has been lined up for Borcombe and could take the helm as soon as Monday.

However, Hardy said that sales at Goodman Baylis were too weak to sustain business and it would have been trading illegally had it continued.

HS Printers acquired the two companies last month but faced a hostile reception from suppliers owing to the bad debt left by former owner MPI.

The news comes just days after Jon Parvin, managing director of sister company Friary Press, revealed he has resigned from the company after only three months.

Ann Field of Unite hit out at the "cynicism and contempt" with which the staff at the company had been treated, calling for a DTI or BERR enquiry into the acquisition and subsequent closure.

"We are currently taking legal advice on a number of questions we have with regards to the closure and the apparent lack of consultation with our members", she said.

A statement from the administrators Harris Lipman is expected this afternoon (Monday).

More to follow...