The Stockport-based company went into administration last Friday, with administrator PKF keen to secure a sale.

Qualitech director Steve Cleaver said that he is not looking to purchase the company back himself, but is hoping a larger company will come in to save the business and "as many employees as possible".

He said: "With the fundamental problem in the industry of overcapacity and margin pressure, the only way to ensure long-term viability is to work on economies of scale. We are looking for a bigger organisation, or really anyone from £4m upwards that we can complement with our services."

Qualitech had a £6m turnover in its annual figures to July 2009 and employed 60 staff. PrintWeek understands that 20 staff were made redundant yesterday morning although PKF was not available to confirm that.

According to Cleaver, it is now a race against time to get the business sold. He said: "I think we have to get a deal done this week, that is a natural reality. It has to be very quick – if it doesn't happen quickly, it won't happen."

He added that he was assisting the administrator in talking to a number of potential suitors over a possible sale.