Directors Chris Broomfield and James Clark led a management buyout to each take a 50% stake in the business, which has relocated to a business centre site in Christchurch, Dorset.

A spokesperson for administrators Tenon Recovery, which had been appointed in mid-January, told printweek.com that "several of the 11 staff members have been made redundant".

Broomfield told printweek.com that the credit crunch in the US, which accounts for 60% of the firm's business, had resulted in "a major drop in orders".

"This placed a cashflow burden on the company so we had to act to give the business a chance," said Broomfield.

According to Companies House, BCB Professional Finishing Solutions was first incorporated 20 December 2007 as Broomfield (Lymington) Ltd. It became BCB Professional Finishing Solutions as of 14 January 2008.

Setmasters specialised in manufacturing bookletmakers and inline folding and inserting lines.