Employees at sister mailing houses Colin Clapp and LDH Mailing are clinging on to their jobs today after administrators were appointed yesterday (12 August).
Andy McGill and Myles Halley of insolvency practitioner KPMG have been appointed, but the company continues to trade on a limited basis.
KPMG is courting suitors for the company, although a spokeswoman told PrintWeek that it was too early for anything to be going ahead.
At present, 45 of the companies’ 200 employees, 60 at Colin Clapp and 140 at LDH Mailing, have been let go and the position of the remaining staff is now under review.
A statement from KPMG said: "The two companies have a combined turnover of approximately £7m, but have suffered a downturn in sales over recent months, which has caused significant cash-flow pressures."
According to Companies House, both companies list its directors as Mark, Luke and Matthew Hoare.
McGill added: "It is sad that such well-established businesses have become victims of the current economic climate.
"It is a difficult time in the printing sector, but we are hopeful that a buyer can be found for both businesses. We are continuing to complete work that is in progress and are reviewing sales orders as they come in."