I have found an alternative. Applying the quartz filters blurred text documents for me so I made some screenshots.
1. Open your file you need to compress in preview.
2. Take a screenshot of each individual page. (command, shift, 4)
3. Open all your new screenshots into one Preview window and save as one document.
Screenhshot file size is always much smaller than the file size of scanned documents, without loss of clarity. I have just chopped a 30 page document from 39Mb down to 4.5Mb with the screenshot format set to JPEG and the resultant export to PDF. Time consuming I know but the ends justify the means. If anyone has the Cocktail app from maintain.se there is a handy dropdown box under the general tab of interface which allows you to change screenshot format instantly without the need to log out and back in.
🙂