Chairman Richard Lotz said the firm had experienced difficulties following expensive expansions into digital printing and trade colour printing.

The firm called in PricewaterhouseCoopers at the end of last year, and creditors have now approved a CVA that should see all creditors repaid in full within two years.

I know that CVAs often fail, but ours is properly constructed and we see no reason why it should not achieve a successful outcome, Lotz said. I take responsibility for our situation, in not anticipating the potential pitfalls, but we have been working very hard to put matters right and we are already making excellent progress.