Thu, 25 Nov 2010 | ADMINISTRATION
Middlesbrough-based marketing and advertising recruitment firm Pearsons has fallen into administration.
Founded in 1986, the firm, which was based in Stockton and had branches in Leeds and Newcastle, counted ARLA, Seven Seas, One North East and Yorkshire Water amongst its clients.
Pearson Advertising & Marketing Ltd, run by Simon Pearson, called in administrators KPMG following serious financial difficulties due to its field - public sector recruitment - being hit hard by government budget cuts.
Back in 2006, the firm was booming, having just secured a major advertising contract with One North East, the regional development agency.
At the time it was tipped to have a turnover of £22 million for 2006 and was employing 90 staff. KPMG has now warned that the business is no longer a viable prospect for sale.
A KPMG spokesperson said, “Pearsons specialised in public sector recruitment, which has slowed dramatically in recent months and is not expected to improve for some time, meaning a sale of the business is not viable."
“The administrators will be winding up the business and have had to make 39 employees redundant,” added the spokesperson.
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