MPG Printgroup, the book printing company which went into administration in June, will leave a £10m shortfall to its creditors, according to its administrators.
The company was the largest book and journal manufacturer in the UK, employing more than 200 employees at sites in King's Lynn, Bodmin and Cambridge, with an annual turnover of £25m. It ceased trading in May.
Administrators BDO say the failure of the business can be attributed to delays and cost overruns associated with the facility MPG set up in Cambridge following a deal with Cambridge University Press.
Simon Girling and David Gilbert at BDO said in a report quoted in Print Week: "Unfortunately the time taken to complete the factory severely impacted on customer confidence leading to a reduced number of orders… as a result the company had insufficient work to trade in the short-term."
More than 25 potential buyers expressed an interest in taking on the business, but none were ultimately willing to take on the risks associated with restarting the group.
Major creditors include companies such as Kodak, HP, and Xerox UK.
Next week, Jones Lang LaSalle will run an online auction of MPG's fixed assets, including printing machinery such as print-on-demand systems. Some of the company's assets have already been purchased by other printers such as CPI Group.