7thingsmedia shuts down
Digital media agency 7thingsmedia has shut down, The Drum understands.
Publicis shutters 7thingsmedia.
Staff at the agency's UK and New York offices have already been told and consequently paid in full, according to a source close to the business. The agency's Singapore business had been closed some time ago.
7thingsmedia has been contacted and its response will be added shortly.
The decision to wind the business down stems from a loss of business revenue over time that compounded costly renovations to its London office via a service charge from the landlord.
According to unaudited figures seen by The Drum, 7thingsmedia’s tangible fixed assets were worth £19,000 for the year to 30 April 2015, a 33 per cent rise on the £12,739 for 2014. The money it was owed in 2015 amounted to around £1.1m, a 62 per cent lift on the previous year’s £408,764.
The move follows a string of hires at the agency earlier this year, with the arrival of senior additions to its SEO department in April and a client services director in March.
The award winning agency was founded by Chris Bishop, who was its only director, in 2009. Among its honours include The Digitals, The Drum Network Awards, UK Search Awards and the European Search Awards.
The independent agency worked with clients including L’Oreal, Net-a-Porter and Mars.
The Drum corrected this article on 12.08.16. The decision to wind the business down was not down to rent fees as originally reported.