Insolvency practitioner PKF's Keith Morgan said that he is now pursuing other avenues, which should result in the company's kit being sold.

It is the second time the company, the UK's only remaining long-grain book printer, has been in administration. It originally collapsed when its Scandinavian owners Norhaven Group pulled the plug on the business back in November 2007.

However, it was bought out of administration by T Harding Son and Company, the Trowbridge-based subsidiary of Cromwell Press, in early 2008, saving the jobs of 23 employees.

Yet the Gwent-based company went into administration again in December last year, this time with all staff being made redundant.

Morgan was contacted by an interested party, who wanted to keep the business alive, despite the fact CPD was not trading.

However, the sale was dependent on funding from the Welsh Assembly Government, which he said was never finalised.

Morgan told PrintWeek: "They [the potential buyer] have pulled out, although the only confirmation we have of this is no response from their end. We have been chasing them and they have ceased contact.

"We will now be looking for our agents to place the contents of the premises with the numerous interested parties. It is not quite a silver lining because none of these enquiries are interested in resurrecting the workforce or moving the company forward."

Cromwell Press is unaffected by T Harding Son and Company's fall into administration.