Brass Agency in Leeds has entered administration. Staff said they were still in shock after they were told yesterday afternoon, when the administrators arrived.
They’ve been called in again today, to hand over keys and any company property.
Brass is an award winning, integrated marketing agency in Leeds. Offering marketing strategy and solutions for B2C and B2B brands and businesses. An integrated marketing agency working across all marketing channels and with specialisms in Shopper and Digital marketing.
Brass is a full-service integrated marketing agency with a 33 year heritage in highly creative, effective marketing.
We combine the best in digital thinking and delivery with specialist skills in research, advertising, design, PR, SEO, media, shopper and promotional marketing. Clients come to us for new insight, fresh thinking, compelling strategy and brilliant delivery.
With a Head Office in Leeds and a highly experienced team that’s over 60-strong, Brass provides insight, strategy and creative services to some of the UK’s biggest brands.
Awards: IPM Award Winner – FAB Award Winner – EConsultancy Top 100 – RAR Recommended.
Brass Agency in Administration
It comes despite a series of major client wins for the company, which in October said it had won £200k of business just from Yorkshire clients. It had also signed 6-figure briefs with Slumberdown and Tofoo Co, earlier this year.
According to its published accounts, the agency had a turnover for the year ending 30th September 2018 of £12.8m, with £535k coming from overseas. That was up from the £12.5m in 2017.
Its cost of sales had increased to £8.5m, with administrative expenses at £4.7m.
Operating profit before tax had fallen from £76,573 in 2017, to a loss of £324,255 for September 2018.
RSM Restructuring Advisory Appointed
RSM Restructuring Advisory LLP has confirmed that Gareth Harris and Keith Marshall were appointed Joint Administrators of Brass Agency Limited today.
They said that all 60 members of staff have been paid up to the date of the end of trade yesterday, when they were all made redundant. Their claims will be dealt with by the Redundancy Payments Service.
The adminstrators explained that Brass had faced “increasing cash flow pressure during recent months.” As a result the Directors have had sought to secure additional finance and sell the company’s freehold property; however, this was not possible in the time available.
“Despite the best efforts of the Directors to seek alternative funding and to sell the Company’s freehold property at the level required to eradicate the Company’s cash shortfall, it was unfortunately not possible to achieve in the time available. All employees have been paid up the date of their redundancy,” said Gareth Harris, RSM Restructuring Advisory Partner and Joint Administrator.