Alderson Print Group has said that 90 staff are set to lose their jobs after its board concluded it would place its web production facility ABP Web into administration.
The Molesey-based group said that an announcement on the situation will follow in the next few days, but that it is in the process of trying to consolidate its operations and has the "continued support" of clients, supplier and staff but warned that more than a third of its 250 employees could lose their jobs unless suitable redeployment is possible.
The administration of ABP Web will be the latest development in the group's battle with Barclays, which has allegedly withdrawn part of its CID facility, an accusation the bank has strongly denied.
Alderson Print Group co-founder Ron Alderson said today was "the saddest day" of his career following 50 years of successful trading in Surrey.
Alderson Group has previously announced that it was aiming to move parts of its business away from Barclays to ensure control of assets outside of the bank's reach.
According to the group, this was done in an attempt to save jobs and make payments but claims the late response of Barclays meant it had no option but to move to place its ABP Web subsidiary into administration.
Alderson said: "It is heart-breaking to have to tell staff that they no longer have a job. It gives me some comfort to know that due to the immediate action taken we are able to pay our staff, who have risked everything to help the company against this unnecessary and destructive action from Barclays.
"The actions of Barclays Bank have been nothing short of immoral and unethical. They do not care about the livelihoods of the people who work here."
Ron Alderson wrote an open letter to Barclays on Tuesday (21 August) demanding a meeting to discuss and understand their position.
According to the Aldersons, Barclays Bank has now made contact and the group is pushing for talks to take place as soon as possible.