John Charcol, the UK’s largest mortgage broker, has dropped DMB&B Financial from its £5m advertising account after an 11-year relationship, and just six weeks after re-appointing the agency.
Its replacement, B’lowfish Advertising, is understood to have been working for Charcol since November, but DMB&B Financial was only notified it had lost the business last week.
B’lowfish created a press campaign which started earlier this month.
DMB&B Financial was re-appointed in October after a pitch against Joshua, Team Saatchi and B’lowfish. The account’s remit was extended to include Charcol’s new online operation – charcolonline – launched in November.
DMB&B Financial chief executive Andrew Porter says: “We are mystified and disappointed that our relationship has ended so suddenly. Especially given that the launch of charcolonline, so soon after we held onto the account, was regarded as very successful.”
DMB&B Financial is seeking clarification as to why it was dropped.
Charcol acts as an intermediary between the consumer and building societies and mortgage banks. It operates over the phone and through the Internet, and also has six branches.
Charcol is expected to float on the London Stock Exchange later this year – valued at about £1.3bn.
Both B’lowfish and Charcol declined to comment on the appointment.