After five years in business, agency founder and ex-CEO Narda Shirley announced this week that the agency has been forced to close, citing "bad debt and diminished fee retainers among key clients".
The agency's 12 remaining staff were informed of the move at a meeting last week, with clients being told as PRWeek went to press.
In a statement, Shirley said: "Many of our clients have cut back staff and operations or been forced into liquidation as a result of the slump in technology and telecoms. It's unfortunate that we have to call it a day but it's the only sensible option in the circumstances."
At its height in 2000 the agency, which played a part in the early success of archetypal new economy business lastminute.com, had a £2.3m turnover and employed 24 people. In PRWeek's 2001 Top 150 survey, it was named the UK's fastest growing agency.
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