Vantis Business Recovery Services took control of the £9.6m-turnover firm on 15 May but have now closed all but a digital archiving division of the firm.
Administrator Jason Baker blamed the recession for the demise of the High Wycombe-based firm, whose principal packaging products included printed cartons and other bespoke card-based packs.
Baker said: “Unfortunately Pinewood Media Group has suffered as a result of the recession which has led to severe loss of turnover affecting its ability to trade and, in turn, affecting the viability of the core business.”
He said that a number of redundancies had been made. According to PrintWeek’s 2008 Top 500, the company employed more than 70 staff.
A digital asset management arm of the business which archives, repurposes and distributes media is continuing to trade for now.
However, Baker said: “This is simply a short-term arrangement until another organisation can feasibility assume responsibility for this ‘digital vault’ service. We will not be seeking to trade this part of the business and its main purpose is to contribute to the process of asset recovery.”
According to Pinewood’s website, packaging clients included Paramount Home Entertainment and United Biscuits.
The company also provided creative services and print management.
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