Robson Brown’s missing £millions
It has been reported by Marketing Services Financial Intelligence that £9m of Newcastle ad agency Robson Brown’s assets went missing between its last accounts being submitted on 28 February 2009 and administrators being appointed on 29 November 2010.
Net assets for February 2009 were £3.3m according to the post, with this dropping to a deficiency of £5.4m in 21 months – a drop of £8.7m.
Following the appointment of administrators Zolfo Cooper, Robson Brown closed its doors on 7 December 2010 before opening again a week later under the ownership of Mission Marketing Group subsidiary ThinkBDW.
Zolfo Cooper refused The Drum’s request to comment on the situation, saying that it would not comment on events which took place before their appointment, but the post by Marketing Services Financial Intelligence says: "This astonishing revelation is contained in the statement of affairs filed by administrators from Zolfo Cooper earlier this month.”
The post arouses further speculation, continuing: “During the period, Garfield Ricketts’ Round 2 International UK acquired Robson Brown and it remains unclear how that transaction was financed.”
Robson Brown has questioned the accuracy of the figures issued by Marketing Services Financial Intelligence and said it would return to The Drum with further information.