PKF took charge of Cradley Print last week, but PKF partner Eddie Kerr said it had proved difficult to retain its business with so much spare capacity in the print industry.

"We have been aiming to minimise disruption to customers," Kerr said. "Inevitably it has been difficult to sustain the business without incurring further substantial losses."

Cradley Group called in PKF last week after a survival deal with Amicus fell through.

The Midlands-based magazine printer announced it was in negotiations with employees to reduce the size of its workforce in March and in early April sold its Chester Road site for 2.4m to cover reorganisation costs.

Since PKF was called in, 200 of the 222 staff have been made redundant. The firm printed its final run last Thursday evening.

"The staff that have been retained are helping with the stewardship of the premises, plant and machinery," said Kerr."We are currently advertising the business for sale."