Three of the four directors with their names above the door at
Holder Henry Pearce & Bailey have left the cash-strapped agency as it
strives to pay off its creditors within the next 12 months.
Max Henry, Chris Pearce and Phil Holder have all departed, but the
company will continue trading under the management of the fourth
director, Frank Bailey.
Henry, who joined Holder Henry last summer in a high profile move
designed to bolster the agency’s creative credentials, had his contract
terminated at the end of last month in a bid to cut overheads after the
loss of the agency’s NatWest business which represents over half its
Henry remains a shareholder of the agency, while Bailey has bought out
the two other directors, Pearce and Holder, for pounds 1.
Bailey has issued a credit-or’s voluntary arrangement, which gives the
agency a year to pay back its creditors. The agency is understood to owe
around pounds 250,000, but is thought to be owed a similar sum from its
The agency is now running with a core staff of five and is using
freelance creative resources. This is likely to form a blueprint for the
future structure of the company as it bids to become a flatter
operation. A new name is currently being considered.
At the same time, three new-business wins are expected within the next
few weeks, which could total around pounds 1.5 million worth of
business. Bailey said: ’I look forward to the future with a great deal
of optimism and that’s the truth.’
Meanwhile, Pearce and Holder have launched a breakaway agency, B’lowfish
Advertising, focusing on below-the-line advertising solutions. Eight
Holder Henry staff have joined the start-up, which will specialise in
financial services, media and fmcg clients.