Twist Communications enters administration
Recession and the ongoing lack of credit claimed another scalp in the Midlands’ marketing sector after Twist Communications went into administration.
But three of Twist’s 11 staff members have been granted a reprieve from redundancy as Sutton Coldfield-based advertising firm WAA stepped in to absorb Twist’s client base.
WAA chief executive Andrew Wilson said: “Twist went into administration as a direct result of the economic downturn.
“A number of unforeseen external events coincided, and with no support available from the company’s banks, the directors were forced to place the company into administration.
“On learning of the situation, WAA stepped in with an offer of assistance. Four of the former Twist team were interviewed and three were subsequently offered employment at WAA from where they have been given the opportunity to continue servicing their existing client base.”
Twist managing director Beki Underhill is among the employees transferring to WAA to continue working with former Twist clients which include Mitchells & Butlers, PerfectHome, Moneyway and Interactive Telecom.
Twist chief executive James Hobday will also work from WAA’s offices on a consultative basis.
Coleshill-based Twist Communications, which was founded in 2006, was a full-service agency providing advertising, direct marketing, branding and multimedia services.
The transfer of its business to WAA came after a series of emergency meetings and discussions held on Monday and Tuesday last week and takes effect immediately.
WAA said the move allowed a consistency of service and the ongoing delivery of campaigns.
Mr Wilson added: “Twist is an agency we know and respect. Its closure is a sad reflection of the current state of the market and threatened to leave a talented team without employment and a client base without an agency to service their accounts.
“Twist’s clients were extremely reluctant to part company with their agency, so by taking quick and decisive action we have been able to reassure them that we can not only fulfil any existing obligations on live campaigns but provide long term security and consistency, both with their existing account contacts and the wider WAA team.
“The team is now installed in our offices and plans as to how we can benefit from our mutual experience are already under way.
“The move follows hot on the heals of WAA’s acquisition of MarketingNet and is further proof that we are not only geared for growth but are culturally and strategically prepared to act quickly when opportunities arise.”
Earlier this month WAA bought out Leamington Spa-based web development and design agency Marketing-Net from Day, a global software provider listed on the Swiss Stock Exchange.
The agency specialised in the development and delivery of customer-focused internet, extranet and intranet solutions and was a specialist in content management and e-commerce systems.
WAA has declared its intentions to significantly grow the firm and has venture capital investment in place to fuel its acquisitions strategy.
