The company, which employed 85 staff and had a turnover of £6.5m in 2009, cited a reduction in sales arising from intense competition in the UK print sector, which lead to cashflow difficulties.

According to the directors, Thanet’s bank, Barclays, took the decision to freeze Thanet's bank accounts last week after concluding a review of its future.

Insolvency practitioner CCW Recovery Solutions LLP has been appointed to the business after it was left unable to pay suppliers or staff.

A meeting will be held on 12 April at Holiday Inn Express, Manston, at which CCW partner Mark Newman expects the company to be placed into creditors' voluntary liquidation.

This falls a day before a scheduled meeting at which the company was facing a winding-up petition issued by HMRC.

"There is nothing further that the directors can add at this time, save to express their regret at being forced to take such action and to thank all staff, customers and suppliers for their commitment and support over the years," said the company in a statement.

Thanet Press was sold by previous owner The Baird Group in March 2009. The business was acquired by Phillip Moore, owner of Kent-based print and publishing company Graham Cumming Group.