More than 50 people have lost their jobs after administrators were called in at the Leicester-based SBS Group – which is made up of Streamline Press, John Baxter & Sons and Spectrum Printing Services.
Administrators said the business was a victim of factors including rising costs and tough trading during the pandemic.
At team at independent risk and financial advisory firm Kroll said they had looked at potential options for all three businesses but decided to close them down, with 55 staff being made redundant.
The companies have retained a small number of staff to assist joint administrators Matthew Ingram and Steven Muncaster with the wind-down of operations.
Mr Ingram, who was called in on Wednesday, October 5, said: “The printing industry has experienced a difficult period during COVID-19.
“This, coupled with external economic factors including rising energy costs has resulted in significant cashflow pressures for the SBS Group.
“The group was, unfortunately, unable to secure any further investment or a sale of the business.”
The SBS Group is based in Boston Road, in Beaumont Leys, on the outskirts of Leicester.
