Cromwell Press faces closure

<p>Academic books and journals printer Cromwell Press has gone into administration, with 40 of the firm&#39;s 63 positions being made redundant.<br /><br />Richard Hill, partner at KPMG, which has been brought in as administrator, said the printer faced closure because of a &quot;big bad debt&quot; the company had picked up two years ago.<br /><br />&quot;They never managed to get their head back above water,&quot; he said. Hill added the economic climate of the last six months had left the company unable to cope.</p><p>Hill said Cromwell would &quot;continue to trade in the short term&quot;, adding there was &quot;quite a bit of interest from potential purchasers&quot;.<br /><br />If Cromwell Press does not find a buyer, however, Hill said it would have to be closed down.<br /><br />Cromwell Press managing director Allan Hicks could not be reached for comment.</p>