Ink publishing company, whose titles include Magill magazine and In Dublin, has announced it has ceased trading.

Managing Director Mike Hogan said the Board of Directors took the decision following poor trading conditions and falling advertising sales.

The company is to arrange a creditors meeting before the end of the month.

The company also published Irish Wedding and New Home and High Ball magazines.

Staff at the publications were informed of the decision shortly before the news was made public this afternoon.

The Irish magazine sector has been under serious financial pressure for over a year with several publishers posting large losses.

The lack of advertising revenue is the main cause and some observers believe there are too many titles in the market.

The downturn in the advertising industry was cited as the main reason for the closure of the another of Mr Hogan's titles, women's magazine Who, in April.