"I think we are in for a tough time for the next two to three years," Taylor told PrintWeek. "Every seven to 10 years those businesses that have gone in for sale and leaseback deals and invoice discounting end up on the edge, because theyve turned into paper businesses so a strong wind comes and blows it away."

But Taylor remains upbeat, having announced a major expansion last week. "Our financial strength means we can ride difficult times, and go big on a technological advance while competitors are standing by," he added.

"Who will be the last man standing? Probably St Ives but Ill be just behind them. If thats the war Im reasonably well-armed Ive been training for this for 30 years."