Wallace Barnaby staff were ‘sold down the river’
Tuesday 28th October 2008, 2:30PM GMT.
WALLACE BARNABY’S new owner just ‘washed its hands’ of the Guernsey company, according to one of its co-founders.
Bruce Wallace (pictured) said the advertising and marketing firm, which went into voluntary liquidation on Friday, would have been profitable again within three months but Ekay PLC was not prepared to invest the time or the money.
‘The whole way it’s been handled has been shameful. When push came to shove, they just let it go,’ said Mr Wallace.
The former chief executive co-founded the agency in 1984. At Easter, his role changed to chairman and he was no longer involved in day-to-day operations. Six weeks ago, he left the company.
Mr Wallace said the closure was a direct result of the credit crunch. ‘There is a downturn in spending, which made a significant dent in profits. We couldn’t downsize at the same rate – perhaps we should have been more ruthless,’ he said.
Three-quarters of the company’s turnover was generated by UK clients and the largest, loan broker Norton Finance, had cut its budget from £20m. to £5m.
The WB group included White Knight PR and subsidiary CMA Events Management.
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This all seems like a bunch of advertising men in utter denial of their inability to manage a company.
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Jackie
Locally the employees and directors hands were tied by the english parent company. Rather than expecting people to get the violins out for them they should be making positive steps inorder to save and enhance what they have already built up in respect of relations and further business. It is not their fault but their approach is somewhat strange considering PR is their forte.
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