Bosses at G & H Web Offset Limited have initiated a 30-day consultation process over plans that could see it close its base at Chorley North Industrial Park.

Around 45 people are employed in Chorley and although it's hoped that some jobs could be relocated to its other base in Liverpool or to a sister company in Manchester, there are genuine fears of significant job losses.

The company specialises in producing general commercial print, including leaflets and mailshots, but has seen a 20 per cent drop in its turnover this year as the credit crunch bites.

In a bid to save costs the firm is looking at merging its two bases into one with the main proposal being that Chorley closes.

Managing director and owner Dave Hatton said: "It is bitterly disappointing that we have had to make this decision at this time.

"It is not a bad reflection on the staff at Chorley it is just happening as a result of the current financial climate in the printing sector."

The 30-day consultation period is expected to be complete by the middle of January and all the staff are being spoken to.

The business has been running from the Chorley site for eight years and boasts two web presses.

The company completed a reorganisation in 2007 which saw it rebranded from the name of its founders Gask & Hawley to its current G&H banner.

The firm employs around 30 people at its Liverpool base but it's thought there's more scope to develop that site.

Chorley MP Lindsay Hoyle said he was disappointed at the news but would be doing everything he could to help.

He said: "It is a sign of the times at the moment when companies are having to think seriously about jobs.

"Unfortunately the world is in a recession as business look to cut back but I will be getting in contact with the company to see if we can help them to come through this."