National officer Chris Harding said the cuts had been agreed to in principle and would all be voluntary. "I am confident that we will find an amicable solution for everyone involved," he said.
BemroseBooth managing director Andrew Lindsey described the cuts as "unfortunate".
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
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