Glasgow advertising agency Clayton Graham is understood to have gone into liquidation.
The company, which was founded by managing director Peter Clayton and creative director Mark Graham in 1993, is said to have informed all staff to go home yesterday afternoon (9 February).
The agency last year reclaimed its long standing advertising account with opticians Black & Lizars, while its website also said that it worked with brands such as Maxxium, Braehead, Sterling Mills and Audi.
Clayton confirmed the closure, stating the agency's bank, Barclays, had withdrawn its support of the agency.
"Our audited account are a matter for public record and our balance sheet is in excess of £650,000. How on earth this has happened, I have no idea," he stated.
It is understood that the agency owned its multi-storey offices in Sandyford Place in Glasgow's West End.