Impact of Covid-19 leads to Marketing Agency liquidation

The South Coasts leading business recovery and cashflow solutions company Portland has been appointed as liquidators of London based marketing and design agency Fishpie Limited. This comes following an overall drop in new and existing clients and the knock on effect of lockdown as a result of the Covid-19 pandemic.

Established since 2007, Fishpie Limited provided support and creative guidance to a number of major national brands including Marks & Spencer’s, Reed Recruitment, Budgens and Specsavers, as well as start-ups and smaller independent businesses.

Mike Fortune, Director of Portland, commented:
“It seems as though a culmination of unfortunate events have led to what we would consider a perfect storm for the business which in turn forced Fishpie Limited to close its doors. First it saw an overall drop in customers followed by the loss of two majors contracts in quick succession. Then it fell victim to the global Coronavirus outbreak which meant that generating new clients to replace those lost would be problematic together with ongoing client work being impacted and having to cease.

It is the sad fate that many businesses may face in the coming months where cashflow and financial viability will be put to the test due to events outside of their control. For marketing agencies such as Fishpie, many of their clients will reduce marketing spend or put campaigns on hold until lockdown measures are relaxed and there is more confidence in the worldwide economy. These are very worrying times for all and we strongly recommend businesses that are experiencing any kind of financial distress to seek advice early at which point there are usually ways that a business can be rescued.”

All employees were unfortunately made redundant – Portland’s experienced team is assisting with employee claims and all formalities in the liquidation, including the collection of debts and distribution of funds to creditors.

 

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