A letter to creditors seen by PrintWeek, from accountancy firm Kay Johnson Gee, said the company's directors made the decision "having regard to its financial position".

HighWater CTP managing director Graham Tucker said: "HighWater Designs is technically not in liquidation. It is expected that a creditors' meeting will occur at the end of the month. There are a lot of things going on at the moment."

He was unable to comment on any redundancies at the company.

HighWater CTP was incorporated on 17 February, listing HighWater Designs chief executive Jane Wei as its sole director.

In a statement issued regarding the formation of HighWater CTP, Wei said: "This reorganisation will allow a better leverage and align the strengths of our product range."