Director Simon Flear said the companys board had called in accountants because the market had "deteriorated enormously" in the last few months, "not in volume but in price"
"The Europeans are exporting here and pervading the market and LHM Print wasnt able to withstand it for long enough."
Shaun Adams, a partner at administrative receivers Cooper Parry LLP, said several possible buyers were lining up and he expected a quick sale.
Kit includes a Komori Lithrone press and envelope-making machines.
LHM Print managing director Lawrence Dexter was one of those made redundant.
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"It's wrong to assume the Chinese are behind the curve on automation - it used to be the case that manual processes were kept becuase it was cheaper to use them than buy the automated equipment,..."
"Incredible, what a business!"
"Sad news. Their prices were unsustainable - it was a race to the bottom."
