'We can be extremely proud' - 7thingsmedia founder Chris Bishop on agency closure
Chris Bishop, the founder of 7thingsmedia, has said that losing his business has been “one of the toughest periods” in his life after the agency was forced to close its doors seven years after launching.
Chris Bishop
The Drum revealed on Friday (11 August) that the agency was to shut down from a loss of business revenue over time that compounded costly renovations to its London office via a service charge from the landlord.
At the time, no one from 7thingsmedia was available to comment to The Drum.
Shortly after the article was published founder Chris Bishop sent this statement:
“7thingsmedia is now under the control of an Insolvency Practitioner. Customers and suppliers are being made aware.
“Losing my business, I founded at 26 in 2009, has been the toughest period of my life. Taking £10k of my savings and building a multi-million turnover agency - that had a genuine point of difference in the industry - is something everyone involved in 7thingsmedia can be extremely proud of.
“The pressures of losing considerable client revenue over a short period of time hit the agency hard alongside a demand by our landlord for sudden payment for extraordinary refurbishment/major works - costing hundreds of thousands - to the agency’s UK head office.
“I'd like to thank everyone that worked for me, to build my vision, and also sincerely apologise to all concerned for the inconvenience in 7thingsmedia being forced to close"
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 independent agency worked with clients including L’Oreal, Net-a-Porter and Mars.