M&C Saatchi’s drawn-out exit from NZ came closer to a conclusion yesterday when the company finally went into liquidation.
The Auckland agency – established here in 1995 – had closed its doors in April, citing the financial downturn, and the loss of the Warehouse Stationary $20m account, as the reasons behind its failure.
Now the shareholders – who include former joint CEOs Dave King & Tony Burt (each owns 6.7% in the NZ branch) and M&C Saatchi Holdings London (86.7%) – have called in Liquidators BDO (Andrew Bethell & Craig Gower) to settle all claims and wind the business up.
The Liquidation notice (including a statement from the Directors that the company is solvent) was published in today’s Herald (Page A28).
When M&C pulled the plug in April, the company said it was holding discussions with Dave King & Tony Burt to buy the business. Nothing came of those discussions, and the Liquidation announcement – plus King’s acceptance in May of the Chief Creative Officer role at Whybin\TBWA –is confirmation that the sale talks are long dead.
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