PrintWeek reported last week that Farnborough-based Midas Press went into administration on 11 October with Smith and Williamson.

The administrator has now confirmed that all 72 employees were made redundant when it was appointed and the company has ceased trading.

Smith and Williamson is in negotiations with a "number of parties" to sell what remains of the business and assets.

A spokesman for Smith and Williamson said: "The main reasons why the company went into administration were falling turnover, work being undertaken at wafer thin margins, high gearing, expensive premises and a staffing level that had not been reduced to reflect the changed circumstances."

"The situation had passed the critical stage and continued trading in the administration, even at a reduced level, was not a viable option."

According to the administrator, Midas Press had a turnover of £7.3m in its last results to January 2011.