The company's 20 staff were made redundant last Friday (6 August). A meeting of creditors will take place on 6 September 2010, at which insolvency practitioner Elwell, Watchorn and Saxton is expected to be appointed as liquidator.

Managing director Graham Masters told PrintWeek that Nottingham-based Phoenix had suffered from a shortfall in sales in 2010, leading to its closure. After a positive start to the year, work dropped off "significantly" in March and failed to return.

He said: "We have no intention of phoenixing the Phoenix. We had no other option, we just weren't doing enough turnover to cover our overheads. We decided now was the time, it was better to jump than be pushed.

"The saddest part was making 18 staff redundant, they were like family. I think the thing I will take away from this is pride.

"We have had many printers saying that we will be missed, we prided ourselves on quality and I know we did a good job. I told the guys to hold their heads up high because they could be proud of what they have done."

Masters will be helping the liquidator over the next few weeks in advance of an expected auction of the company's machinery.

He said that he was not averse to returning to the print industry, once he has had a chance to take a break and assess his situation.

"Obviously when you finally make the decision there is an element of relief," he said. "I have nothing to be ashamed of and I wanted to go out on that note, I could not have done more to keep us in business.

"I will take stock in three or four weeks and see where I am. But I wouldn't look to start anything unless my heart was completely in it. I have been in the print industry since 1976, I have been a regional chairman at the BPIF and I have enjoyed my time.

"I think the print industry still has a lot to offer and hopefully it will come out of this leaner and fitter."