The London-based litho and digital commercial printer was forced to cease trading on 13 June after a sale of the business fell at the final hurdle when the un-named buyer pulled out at short notice.
The company's directors were unable to find work to keep the business afloat in time and were forced to make all of the firm's 23 staff redundant with immediate effect.
Paul Atkinson and Glyn Mummery from FRP Advisory were appointed joint administrators last Monday (16 June).
In a statment, Atkinson said: “It is hugely regrettable that a strong London business with a loyal customer base, over 30 years' trading history and which employed at one point over 40 staff has had to close.
"Portobello staff have this year worked on reduced salary levels as the whole firm pulled together in order to try and find a long term solution for the business."
The company, which produced corporate stationery and promotional products, was put up for sale in early summer. This followed a recent deterioration in trading conditions that put unsustainable pressure on its cashflow.
The firm received more than a dozen expressions of interests as a going concern and a competitive bid process began in May. This resulted in exclusive negotiations with one interested party, who completed due diligence in early June but pulled out of the deal on 13 June.
Following the loss of a significant client, Portobello reduced its cost base in early 2011 by selling off non-core assets and reducing its staff numbers.
It continued for three further years due to the support of its other customers who continued to work with the business until it ceased trading. This included a large automotive client that accounted for over a quarter of its turnover.
"Since our appointment as administrators we have ensured that former staff have been provided with the necessary support to make timely claims from the Redundancy Payments Service," said Atkinson.
"We will continue to market the assets of the business to realise all that is possible in the interests of all creditors."
The administrators are now seeking buyers for most of the firm's assets and have invited interested parties to make early contact with them and their appointed valuers Wyles Hardy & Co.
Assets include several Bourg perfect binders and a large Heidelberg printing press. A site viewing and open auction will take place on 3 and 4 July.
Peter Murtagh and Robert Howie founded the Portobello Press in 1983. The business operated out of shop premises in London’s Portobello Road for its first two years and offered copying and print management services.
Two years later it moved to larger industrial premises two miles away and installed its first printing presses.
In 1991 the firm moved to 1,400sqm leasehold premises in Scrubs Lane, Willesden and installed its first large-format multi-colour press. It was based there until its closure.
