The promotional printer ceased trading on 14 July, laying off 22 staff. Joint administrators David Whitehouse and Peter Holder of Kroll were appointed on 15 July and made the remaining six staff redundant.

The firm's 2003 accounts showed Triangle reported a retained loss of 81,859 compared to a profit of 52,231 the year before. Gross profit was 1.1m in 2003, down 14% on 2002.

"The printing market is very tough to operate in, with margins often small and prices prone to being undercut by competitors," said Whitehouse.

"Unless a printing business is able to compete on more than just pricing, it will need to keep a sharp eye on its overhead