PKF took charge of Cradley Print last week, but PKF partner Eddie Kerr said it had proved difficult to retain its business with so much spare capacity in the print industry.

"We have been aiming to minimise disruption to customers," Kerr said. "Inevitably it has been difficult to sustain the business without incurring further substantial losses."

Cradley Group called in PKF last week after a survival deal with Amicus fell through.

The Midlands-based magazine printer announced it was in negotiations with employees to reduce the size of its workforce in March, and in early April sold its Chester Road site for 2.4m to cover reorganisation costs.

Since PKF was called in, 200 of the 222 staff have been made redundant. The firm printed its final run last Thursday evening.

Cradley Timeline

May 2005 Around 35 jobs are cut after losses increase

March 2006 Cradley proposes more than 70 job cuts, Amicus refuses the deal

April 2006 The firm sells its main site for 2.44m

April 2006 Requests the suspension of shares on AIM

April 2006 Cradley Group calls in administrator, 200 redundancies announced