The business, which was founded in 1980, was based at the Hortonwood Industrial Estate in Telford, Shropshire and produced posters, leaflets, calendars, business cards and brochures.

It has been forced to close after suffering serious cashflow issues largely caused by it being dropped from a preferred supplier list of an unnamed client after a roster review.

This resulted in an estimated loss of turnover of around £1m which equated to approximately 25 per cent of the company's sales.

The firm also had increased overheads following a move to larger premises in 2013 after acquiring the assets of another Telford-based print firm.

Jill Sandford and Guy Mander from Baker Tilly were appointed joint administrators last Wednesday (11 June) and the company ceased trading immediately. All of the firm's 39 staff were made redundant the same day.

In a statement, Sandford, a restructuring and recovery director at Baker Tilly, said: “The loss of a major contract and the associated cashflow implications meant that administration was necessary in order to protect the remaining assets for the benefit of creditors.

“Regrettably, we have had to make 39 staff redundant, and our specialist employee team has been assisting them to make claims with the Redundancy Payments Office.”

Sandford added that there has already been some interest from various parties to acquire the company's remaining assets, which include the plant and machinery, customer database and intellectual property.