Quadsect managing director Graeme Lipman said the 24-year-old firm ran into difficulty in July and had "sought professional advice" but that by September it had become "obvious that the position was unlikely to improve and the administrators were called in".

"Initially the board sought a potential buyer to continue the long-running and successful business from the Deptford site, and were in discussions with several parties," Lipman said.

"We agreed a merger-buyout, which offered the best prospects for company, staff and creditors alike."

The company has been merged with Chalvington Press in Alton.