The directors of a magazine firm which has collapsed with the loss of 22 jobs have defended themselves after a backlash of criticism over their performance.

Bath-based Merricks Media went into liquidation this week, with founder Lisa Doerr blaming lack of co-operation from banks in the credit crunch.

But ex-employees and others commenting on the Chronicle's website have claimed the company – run by Mrs Doerr and publishing director John Weir – overstretched itself and made ill-fated ventures into running exhibitions.

Today Mr Weir hit back at the criticism, calling it "ill-informed and speculative gossip."

He said of the 11-year-old Lower Bristol Road firm's closure: "This is a massive blow to everyone here – the staff, our customers, our readers, our suppliers, and yes, even the management.

"And no, it's not just the banks who are to blame – the collapse of the overseas property market, downturn in magazine sales and a number of other factors have all played their part. Everyone in the business has worked tirelessly over the past year to try and turn things around and I cannot fault the effort of the team – many of whom have worked long hours. I wish them every success."

He added: "Reading through the comments, a casual reader would think that the managers of this business were cavalier opportunists, disregarding opinions and fact and spending wildly in the wrong places. Nothing could be further from the truth.

"We recognised some while ago that we needed to change our game and have been trying to do so ever since – our shows broke even and contributed to us being able to stay in business for longer, our new websites have had great success and in the end we only lacked two things – time and support from a bank who were more anxious to offset their losses than protect jobs.

"Neither Lisa nor I wanted this and we've both lost dearly as a result of the liquidation. But then neither of us have the luxury of hiding behind anonymous email addresses and hearsay."

Mrs Doerr began her career in publishing working in media sales for Bath-based industry giant Future, and Mr Weir also worked for the firm before joining Merricks.

She plans to carry on with a handful of the company's eight magazines with a focus on online activity and a skeleton staff of around three people.

Merricks began with consumer continental lifestyle magazine French before branching out into a further seven titles and last year hired an events team with a view to running a series of shows based around its beauty and cosmetics title Brand New You.