Hyway Printing Services has been placed into administration today with Numerica, less than four months after the Surrey Quays company was bought by Montrose Press.

Montrose Press group managing director Rick Child said that a worsening financial printing sector had caused the companys demise.

Its very disappointing. We tried really hard to turn the business around the senior management team busted their balls to make it work. But I couldnt allow it to compromise Montrose, said Child.

Around 10 Hyway staff are to be employed by Chelmsford-based Montrose, which is unaffected by the closure of Hyway.

Child said that Hyway was used as a sales arm, which had no presses, and that there would only be a small number of creditors.

He added: I think its unlikely that the company will be trading again. As far as I know the doors will be locked tonight [Thursday 5 December] and thats that.

Hyway Printing Services was placed into administration in July after the then management also cited a tough City printing sector. Last month PrintWeek revealed that the companys original failure had forced creditors to absorb 3.1m in bad debt.