The Reading-based company, which is one of the largest casualties of the recession so far, fell into administration on 15 May with Jason Baker and Geoffrey Rowley, client partners at Vantis Business Recovery Services, being appointed as joint administrators.

PMG operations director Paul Wilson said the move into administration was a result of the increasing pressure of costs and customers driving down prices.

He added that a large percentage of the 70-staff workforce have been made redundant.

The most recent reports available show that the company recorded a turnover of £9.5m compared with £6.4m in 2007, with a pre-tax profit in 2008 of £527,000, up from a loss of £290,000 the previous year.

However, Baker said the company had suffered as a result of the recession.

He said: "Consequently, the business has ceased to trade and, regrettably, a number of redundancies have needed to be made."

However, an element of the business relating to archive, repurpose and distribution of media digitally is continuing to trade.

He said this was a short-term arrangement until another organisation could feasibly assume responsibility for the service.

"We will not be seeking to trade this part of the business and its main purpose is to contribute to the process of asset recovery," he said.