MPGi said that the reduction, which is equivalent to 8.33% per annum condensed into the next three months, was necessary to preserve cashflow over the summer months.

MPG group chief executive Mike Milton revealed that around 90 of the Chessington-based printer's 120 staff had voted in favour of the initiative, compared with just 18 who voted against it.

The remaining staff, who neither approved or rejected the proposal, have suggested amendments such as taking the reduction over a longer period of time or working extra hours to retain their full pay.

Milton said: "We're just fine tuning the numbers before we announce it to the staff next week but it's a positive number and it's one that we will implement.

"The difficulty is dealing with the 18 or so that can't afford to take what is quite a dramatic reduction over a short space of time."

Any changes to an employee's salary must be approved by the employee, meaning that those who rejected the voluntary reduction will keep their full pay.

Milton stressed that the ballot would remain secret and that none of those who had voted against the reduction would be "named and shamed".

"We don't want to isolate them," he said. "Obviously it's a situation that needs to be handled very delicately. Ninety percent of the people that rejected it are at the lower end of the payscale so it is understandable that they might find it more difficult."

Staff were asked to vote on the temporary salary reduction last week, in response to difficult trading conditions brought about by the recession.

Milton said that seasonal shortfalls were being exacerbated by clients not sticking to their agreed payment terms.

"As printers, we are somewhat down the food chain and find it difficult to extract payment from some publishers who merely threaten to move the work elsewhere," he said.

"This has put additional pressures on an already strained cash flow brought about by the general economic climate."

Milton added that the company's management had taken the lead on the wage reduction, including those not directly employed by MPGi.

"All of the senior managers, all of the directors and in fact the two shareholders and myself, who are not actually employed by MPGi but the parent company are all taking the same reduction," he said.

The company expects to finalise its temporary salary reduction programme by Tuesday of next week.

Meanwhile, it is understood that MPGi managing director Mark Croucher is currently on gardening leave pending agreement of an exit package.