300 jobs on the line as Celloglas goes to wall

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Celloglas's finishes are mainly used on greetings cards, book covers, sales brochures, prospectuses and magazines — all hit by the downturn.

High Street giant Clinton Cards is having to close stores after racking up a £13 million annual loss.

However, the administrators for Celloglas, Paul Clark and Geoff Bouchier of MCR Corporate Restructuring, said they hoped to organise the sale of the business, which has 13 sites, including Acton, Sevenoaks and Reading, soon.

"Management were already in advanced discussions regarding a sale of the business and therefore it is hoped that a sale can be concluded within the next few days," Bouchier told industry title PrintWeek. The magazine speculates that a new firm has been set up to buy five Celloglas sites, but the administrator and company declined to confirm this.

Celloglas, established in 1950, last year had a turnover of £24 million. It provides decorative coating to printers and direct to the public.

Some of its recent projects include producing a board for a Harry Potter bus advert and making the cover for the Guinness Book of Records.

A Celloglas spokesman declined to comment.