Exodus hits Holder as agency sorts out ongoing cash crisis

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.

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

billings.



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

own clients.



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.



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