SFP has been appointed administrator to Basingstoke-based printing firm Synergie Group following its failed Company Voluntary Arrangement (CVA).

Synergie specialised in marketing and promotional material. At its peak, the company had an estimated annual turnover of £6.5m.

SFP's Daniel and Simon Plant - both licensed members of the Insolvency Practitioners' Association - were appointed joint administrators on 25 February.

Simon Plant, SFP group partner said: 'The print industry has been in continual decline in recent years. This is partly due to the current economic climate but also due to substantial competition from Eastern Europe and the Far East as well as an increase in online usage. Unfortunately, Synergie experienced the additional effects of a number of customers struggling to pay its debts as they fell due.

'We have successfully negotiated a sale of certain parts of the business and buyers for the remaining tangible assets are being sought.'