by business editor Trevor Sturgess

Fifty print workers have lost their jobs after the presses fell silent.

Paterson Printing of Chapman Way, Tunbridge Wells, went into administration at the end of last month. After completing work in progress, it has now ceased trading, with the loss of all 50 jobs.

The specialist print supplier has been established in the town for more than 20 years.

The company specialised in print for the investment research and financial services markets. Acquired by Jamie Paterson in 1988, the business expanded throughout the 1990s and survived the dotcom crash by diversifying its operations to include financial services.

However, the demise of a major investment bank client in February of this year proved a fatal blow for the print arm of the business.

Geoff Rhodes and Jon Beard of Begbies Traynor, the Brighton-based corporate rescue, recovery and restructuring business, were appointed administrators.

"The print industry is being particularly hard hit by the current recession and it’s very sad to see long-established companies like Paterson Printing lose the fight for survival," said Mr Beard.

"The company cut costs and put up a strong fight but was unable to achieve the level of orders and profit margins necessary to overcome the dramatic fall in revenue which resulted from the loss of its key client."

The closure does not affect the Paterson Group’s print management arm BDL, which was acquired in 2006, and has an operation in Sevenoaks.