Laurie Manson and Bruce Cartwright of Pricewater-houseCoopers were appointed as joint administrators to the £6.5m-turnover company on 28 May.

At this time, the business is still trading with the remaining staff while a buyer is sought.

Manson said the company had grown successfully over recent years and was well regarded by its customers.

However, she said that like many firms across the UK, it suffered from the economic downturn and lower demand for high-quality products.

"Recognising these challenges, the management had implemented a number of strategic steps and had recently expanded the firm's customer base," she added.

"Unfortunately this move has come too late to ensure that the anticipated overheads of running its custom-built plant could be met from a lower volume of turnover."

Stuart Mason, managing director of Cumbernauld-based The Ink Shop, said it was very sad that another printer had failed.  

He said: "It had been touted around for a while that the company was for sale. This is an example of what happens to companies that don't adapt.

"I understand that the owners had actively been looking to sell it, which makes you wonder whether their hearts and minds were still in it."

He said The Ink Shop was considering recruiting former Woods employees.

Paul Anderson, managing director at Fairprint, said the quality of the staff at Woods of Perth was "first class", and the company has been looking to take five or six on.

Terry O'Hare, managing director of Stewarts, said the team at Woods of Perth had tried very hard over a number of years to protect the company while providing employment for its staff in a difficult economic period.

"It is a great pity and a very stressful time for all those involved," he added.

Unite regional officer Norman King said that Woods' failure was an "absolute tragedy for the area".

He said: "It is one of the last major printers remaining in the area and it just ran out of money. It's a devastating blow for the local area, and a long established, family-run business."

Woods of Perth was established in 1830 and provided quality printing services.

The administrator is encouraging any parties interested in acquiring the business to get in touch.