Bilston-based John Price & Sons appointed Paul Masters and Alan Clifton of Leonard Curtis to the company on Wednesday (18 February), resulting in the immediate loss of half of its 38-strong workforce.
Peter Harrold, joint managing director of the company, said that he was "devastated" to take the action but said that, in light of the recent trading performance, there was no alternative.
The company was heavily exposed to the house-building industry, which has been hit particularly hard by the current recession.
Leonard Curtis is now trading the business as it attempts to sell it as a going concern.
Masters said: "This is a respected and established firm with an excellent reputation."
182-year-old printer forced to call in administrators
The future of an 182-year-old West Midlands printer was put in jeopardy this week after it was placed into administration.
