Will Wright and Mark Orton, of KPMG, were appointed as joint administrators on 28 June.

Following their appointment, 270 employees at the company's Northampton print facility were made redundant, while 30 employees at the group's Saffron Hill, London-based design site were also let go.

A skeleton staff remains in place to aid the administrator. A spokeswoman for KPMG said it was in discussions with interested parties.

Wright said that it had suffered a drop in consumer demand, which had had a "punishing effect" on the business.

"Despite the best efforts of the shareholders to find a solution, regrettably there was no other option but to request the appointment of administrators. We are now working hard to try and secure a sale of the business and are keen to hear from any interested parties," he added.

The Art Group went into administration two years ago this month, but was acquired by Thames Riverside, which changed its name to The Artful Group shortly after the acquisition.

According to the company's website, it ran 50 HP and Epson wide-format printers and was believed to be running four Vutek machines. Its clients included Argos, Habitat, Next and Tate.