1576, the Edinburgh-based advertising agency, has called in the receivers. The closure of the 14-year old agency will result in the loss of 20 jobs.
Managing director David Reid says the departure of two directors in the summer of 2007 left the agency in a “position of limbo”. He adds that whilst the agency could function on a day-to-day basis it was prevented from making necessary strategic and investment decisions that resulted in cash-flow difficulties. The failure to resolve these issues left Reid with no choice but to close the 14-year old agency, he says.
Reid says: “We found ourselves in a situation that was not tenable over the long-term for either staff or clients. The current process allows us to achieve a measured closure in very difficult circumstances. Nonetheless, I remain proud of 1576’s achievements.”
1576’s last audited turnover stood at £3.83 million and the agency counted VisitScotland, Bank of Scotland corporate and Velux among its key clients.