Martin Smith, chief executive of IMP, formerly the Direct Marketing Group, said a meeting of creditors for the two companies will be held on 3 May, after which BDO Stoy Hayward is expected to be appointed as the official liquidator.

Smith said that 30 jobs are under threat at London-based WCS, which specialised in charity and not-for profit marketing and had a £6m-turnover, while 17 staff could lose their jobs at Leeds-based IMA, which had a turnover of £2.4m.

Smith said: "There are several potential buyers for the businesses, which we are pursuing together with BDO, and we are looking to get the best possible result for our creditors and to help staff to find alternative roles."

Smith said that the group had opted for voluntary liquidation for the two companies after its lenders withdrew financial support.