A source close to the group had shared details of the group’s impending insolvency, which resulted in a brief update published in The Drum last Thursday (August 11). Reasons for the shock decision stemmed from a loss of revenue combined with unforeseen costs attached to the renovation of its London office.
With little in the way of official confirmation up until now – and the agency’s lines of communication continuing a vow of silence – Chris Bishop, the group’s founder, has spoken with PerformanceIN to confirm that 7thingsmedia is now under the control of an insolvency practitioner and that its London and New York offices are firmly closed.
“Losing my business, I founded at 26 in 2009, has been the toughest period of my life,” he added.
“Taking £10k of my savings and building a multi-million turnover agency – that had a genuine point of difference in the industry – is something everyone involved in 7thingsmedia can be extremely proud of.”
An award winner
Upon its foundation some seven years ago, 7thingsmedia grew to boast offerings across performance-based channels in affiliate marketing, PPC, display, lead generation, search marketing, paid social and programmatic among others.
The group worked with brands such as TK Maxx, L’Oreal, NET-A-PORTER and Grazia Shop, with an ability to service luxury clients regarded as something of a USP.
Despite claiming a number of Performance Marketing Awards in its lifetime, recent losses in business had carried huge financial impact, right up until an unsavoury incident regarding works performed at its London base in Farringdon.
“The pressures of losing considerable client revenue over a short period of time hit the agency hard, alongside a demand by our landlord for sudden payment for extraordinary refurbishment – costing hundreds of thousands of pounds – to the agency’s UK head office,” Bishop commented.
The group had also boasted presence in Singapore up until its closure at an unspecified time.
At the start of 2016, the agency looked to be recruiting a team for the future, with new hires made across its SEO department, following the appointment of client services director, Laurie Walton, back in March.
In September 2015, the group pulled off a major staff coup by poaching Sandra McDill from rival agency iProspect for the position of chief digital officer.
PerformanceIN can confirm that all staff from 7thingsmedia have been paid in full, with Bishop thanking for the efforts of team members past and present.
“I’d like to thank everyone that worked for me, to build my vision, and also sincerely apologise to all concerned for the inconvenience in 7thingsmedia being forced to close.”
Gratitude was also forwarded to those who had sent their well wishes following the closure.