Pickfords, the moving and storage company, has called off its advertising pitch as a result of the worsening economic climate.
The company says that it has “deferred the appointment of a new advertising agency” and it will continue to work with its existing agency, Raw Media, although it had not been invited to repitch.
A Pickfords spokeswoman says: “The downturn in the market has caused us to re-evaluate the scope of our marketing plans. In the meantime, we are continuing to invest in our brand and will watch the market closely. We will appoint [a new agency] when we feel the time is right.”
A review of the advertising business was called in May (MW May 22), with six agencies believed to have been approached and three making it onto the shortlist. A decision was due to be made by mid-June.
The company, which until recently was part of relocation services provider Sirva UK, has been under financial pressure from both the slowing UK housing market and credit crunch.
Pickfords’ US parent company Sirva Inc filed for Chapter 11 bankruptcy protection in February. The following month, Sirva reached an agreement to sell Pickfords and its international busi-ness Allied Pickfords to a company managed by the Team Group, an international moving company.