by business editor Trevor Sturgess

Kent's oldest printing firm with origins dating back to the 1700s has ceased trading, with the loss of 85 jobs.

Thanet Press, based in Margate, has faced intense competition and serious cashflow problems.

CCW Recovery Solutions has been appointed to sort out the firm's financial affairs after it could no longer pay suppliers and staff. It is also understood the company was facing a winding-up petition by HM Revenue and Customs.

According to trade journal Print Week, creditors are being invited to a meeting on April 12 at the Holiday Inn Express, near Manston Airport, which is likely to conclude that the business should be put into voluntary liquidation.

In a statement, directors told the magazine: "There is nothing further that the directors can add at this time, save to express their regret at being forced to take such action and to thank all staff, customers and suppliers for their commitment and support over the years."

In 1995, Thanet Press, which had annual sales of £6.5m, was sold to the Baird Group, which in turn sold it in 2009 to Philip Moore, owner of the Kent-based print and publishing company Graham Cumming Group.

The firm's origins go back to Eyre and Spottiswoode, founded in 1770, and the first printers of the King James Bible 400 years ago.

In 2008, it was given a £236,000 grant by the South East England Development Agency to build a controlled environment to produce instruction leaflets for the drugs industry.