The company said that while its current organisational structure has served it well, this has been reviewed due to the changing nature of the market “with the aim of making us even more agile and efficient”.

The proposal will involve “less than 50” employees leaving Antalis from the mid to end of March, and will affect various levels and departments of the company.

In a statement sent to Printweek, the business said: “A 30-day consultation process has already commenced with some employees and the new structure will be confirmed in mid-March.

“The overall aim of our business, which is to offer our customers an exemplary service in its various markets, remains our priority.”

Antalis added affected employees, which represent "less than 5%" of the company's total headcount, will be given the opportunity to apply for other roles in the organisation.

Antalis had sales of €595m (£497m) in its UK and Ireland business in 2018 and is the UK’s biggest paper merchant. The company has recently started to offer universal carbon offsetting on its products and has carbon balanced every product in its Arjowiggins Creative Papers range as standard.

The group’s search for a new shareholder entered its second year earlier this month.

Shares in Antalis have fallen by 16% from a close of €0.49 yesterday to €0.41 at the time of writing.