The litho side of the business, Quantum Print UK, which traded as SV.Two, was closed in March this year after attempts to remove costs from that side of the business had failed to make it viable.

Initially the company was paying creditors back after the Kent plant was closed. However, its factoring company appointed Trevor Binyon and Steven Parker of RSM Tenon Recovery as joint administrators on 30 June 2010.

Managing director Rob Phillips said: "We made redundancies and cutbacks but it is a sign of the times and we have moved out of that arena now.

"We were trying to pay off creditors over a period of months, it would have taken us a while, but we would have got there. We did our best to pay as much as we could, but some creditors ran out of patience, once they started putting in court notices there wasn't much room to manoeuvre."

Phillips added that the digital side of the business, as well as its Sheffield document production site, are completely unaffected by the administration.

Before it began to make cuts, the company employed around 45 staff and had a turnover of over £4m. The litho side of the business accounted for around £2.5m and staff numbers have now fallen to around 20.

However, Phillips said that turnover was not important as his firm was concentrating on its profitability.

He said: "We were chasing turnover for our litho business. We had to have a review of the business, it is far too competitive a sector."

The company's litho kit, including a Heidelberg CD 74-6L, was reclaimed by the finance provider.

Tenon director Martin Austin said that the administrators were trying to realise the firm's remaining assets. However, Austin confirmed that the company had ceased to trade before the appointment of the administrators.