Industry sources said the business went into administration yesterday afternoon (17 December), although there has been no official confirmation.

PrintWeek has been unable to contact managing director Graham Glynn. A receptionist at the company was unable to confirm whether or not an administrator had been appointed. "Only the managing director can comment on that," she said.

The Stourton-based web and sheetfed printer runs a range of kit including the 16pp Goss M600 that came out of Aldersons, a twin-web Polyman and 12-colour Heidelberg Speedmaster with CutStar. Sister company Glynn Print Finishers is located on the same site.

The firm mainly produces work for print managers and trade customers.

Sources said the situation at the company has been caused by large bad debts for trade print, believed to be in the region of £350,000. This was unconfirmed at the time of writing.

“I thought Graham was astute enough not to get caught out like this,” said one web printer.

Parent company Glynn Print Holdings employed 120 staff and made a profit of £107,000 on sales of £11.6m in the year to 31 May 2012.

The firm recently appointed four ex-employees from the former St Ives Bradford business, with plans to grow the amount of work done for direct customers.