Thu, 16 Jan 2014 | ADMINISTRATION
Brand engagement agency Coolpink ceased trading before Christmas and has entered liquidation this week.
Coolpink was placed into voluntary liquidation after a creditors’ meeting on Monday, when liquidator John Twizell of Geoffrey Martin & Co said there were 12 possible buyers interested in the assets.
Based in Leeds, the business had 12 staff and was set up by managing director Mark Bower over ten years ago. It had a £1 million annual turnover, and high profile clients such as Asda, cooker maker Smeg, Wren Kitchens, and Bensons for Beds.
It offered strategy, digital marketing, web development, CMS and PR for its clients, applying what it termed ‘uncommon sense’ with the rationale that common sense distorts innovation.
The company's failure was attributed to its largest client, furniture retailer DFS, taking its work in-house and ditching the agency.
Coolpink had been fighting to keep its head above water from some time. Mr Bower spoke to The Business Desk about the situation: “Two years ago we had our best year with £2.7m turnover and £650,000 net profit and we had more than 30 staff.
"We were on an upward trajectory and then within a few months we lost two or three clients representing about £1m of billings, we had to make redundancies, it was a terrible time.”
Despite the management’s best efforts the business never really bounced back after that.
Having won a £450,000 loan from Finance Yorkshire a year ago, Coolpink was able to refocus on growth. Losing its contract with DFS, and work worth upwards of £60,000 a month, was the last straw for the embattled firm.
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Related information:
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