The 6m turnover label printing business, part of the Walsall Print Group, went into administration in December last year with the initial loss of 35 jobs.

Financial services group PKF was appointed as administrator to the 111-year old Walsall-based print firm on 1 December.

PKF partner Brian Hamblin said the decision to close the business was taken on 3 March, after talks with two interested parties failed to secure a deal.

Hamblin said the two unnamed companies had either taken the decision to withdraw their offer, or made an offer that was "unacceptable".

A web auction of all the firm's printing equipment will now be held on 12 April, hosted by auctioneer Simmons and Simmons.

Other firms in the Walsall Print Group, which include Walsall Security Printers, remain unaffected and continue to trade normally.