SP Group, which employs 371 staff and is a leading producer of point of sale and display solutions for high street retailers and brands, has been going for 60 years.

Duff & Phelps, which has been appointed as administrator, said that the firm has suffered from a significant decline in turnover following the loss of key customer contracts.

Allan Graham, joint administrator, said: “We are working with management to explore the options available to preserve as much of the business as possible, however there may be substantial job losses as a result of this process."

St Ives recently sold SP Group Limited to SelmerBridge, a holding company, as part of a sale that also included Flintshire-based field marketing agencies Tactical Solutions UK and Flare, and large format graphics business, Service Graphics.

These businesses are unaffected by the SP Group administration process.

People, including staff from the firm, have been reacting to the shocking news on social media.

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