BDO Stoy Hayward was appointed administrator on 9 March. According to the firm the move follows the collapse of an unsuccessful management buyout deal.

The company declined to name who was involved in the proposed MBO.

However the directors of the direct mail service business are listed at Companies House as; Jo Lloyd, Susan Hutchings and Marcus Collings.

The company issued a brief statement, but did not comment on whether the directors were still at the firm or on its current trading status.

Industry sources have speculated that the failure could be down to the firm's level of debt, which sources have suggested could be as high as 1m.

The parent organisation, Lloyd James Group, an entirely separate entity, is not affected by the move.

The decision follows the move into administration of the direct mail's Woolwich-based litho print division in November last year.

In its statement, Lloyd James Group said that during the process of administration no comment would be made about the "liquidation details", as this may prejudice the creditor management process.
The firm said it would now continue to build on its core business, which includes list broking and data management.