Thu, 26 Mar 2015 | ADMINISTRATION
The UK office of a social media firm is going into administration, sources suggest.
TheAudience is an entertainment-oriented social media and digital content marketing firm set up by Sean Parker, Ari Emanuel, and Oliver Luckett in 2011. Sources have told Business Insider that staff at the UK office in London were told on Wednesday (25 March) that they would lose their jobs without receiving a final month's pay.
It was suggested that liquidators attended the site on Tuesday and that the firm would be going into administration.
Business Insider published a statement from Mike Drath, COO and CFO of theAudience, reading: “Yesterday, we made the very difficult decision to wind down our UK business. This decision was made based on unique business challenges in that specific market. theAudience’s business model in the UK has always been quite different and wholly separate from that of our U.S. operations and will have no impact on our domestic business.”
TheAudience has two other offices in the U.S., including its headquarters in Los Angeles and another base in New York City. According to the latest accounts in Companies House, theAudience posted losses of £716,185 for the year ending 31 December 2013, with £2.2 million in generated revenues and gross profits of £1.6 million. However the firm also accrued £2.2 million in administrative expenses.
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