According to a statement from Chard, administrators from BDO will be appointed at the group “on or around 19 June”. And in an unusual move the firm is also set to attempt a CVA (company voluntary arrangement) with its creditors.

A number of unidentified hurdles also need to be surmounted for the deal to be successful.

If successful, the reprised business would comprise the King’s Lynn site and print-on-demand operation in Bodmin.

MPG’s statement in full, said: “Shareholders of MPG Printgroup have had further meetings with their Primary Lenders this week to discuss a rescue plan.

“Whilst tacit approval has been given, there remain a number of hurdles the Company must overcome in the next few days with its Stakeholders and all efforts are being made to satisfy these requirements.

“It is with regret that our Bar Hill facility cannot be included within the rescue plan as the funding requirements were too great.

“BDO are to be appointed as Administrator on or around 19th June at which time all employees will be contacted in regard to their employment status. Simultaneously documents for a proposed CVA will be issued to all Creditors for their consideration.”

MPG’s shareholders are Tony Chard and sales director Andy Simpson. Its main bankers are Lloyds TSB and HSBC.

This story will be updated.