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Bastiman prepares to launch as 1576 closes

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By The Drum Team, Editorial

February 13, 2008 | 2 min read

Following the closure of 1576, it is thought that former creative director Pete Bastiman will now launch his own venture alongside a number of the former agency’s staff.

1576 announced last week that it was to close having called in the receivers, resulting in the loss of 20 jobs.

David Reid, managing director of 1576, made the announcement to his staff last Thursday.

Speaking of the closure, Reid blamed problems with the shareholder agreement, following the departure of two board directors last year: “The company had a strong client list and having won three out of four recent pitches there were a number of exciting projects in the pipeline. However, we found ourselves in a situation that was not tenable over the long term for either staff or clients.

“The departure of two directors in the summer of last year put us in a position of limbo. Whilst they remained shareholders, although we could function on a day-to-day basis, we were prevented from making the necessary strategic and investment decisions which would secure our future. Failure to resolve these issues created cash flow difficulties, leaving us with no choice but to close.”

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