The agency’s directors Randle Stonier and Tina Morris said in a statement: "Following a torrid 18 months - including a very sizeable unrecoverable debt, we have endeavoured to reorganise the business to minimise costs and maximise efficiency. We have attempted to grow our sales pipeline but despite a number of new client wins, we have had disappointments too.
"Compounding matters, there have also been changes in both client buying and payment patterns. As a consequence, we find that we are no longer in a position to meet our commitments and have commenced the process to place the companies into Voluntary Liquidation."
There were 12 remining members of staff and all positions have been made redundant. Accountants Hazlewoods LLP has been appointed to manage the process.
Stonier set up the agency in March 2006, and was joined by Morris in May 2007. The pair had previously worked at Euro RSCG Skybridge together. AddingValue was ranked 31 in C&IT’s Top 50 Agencies listing in 2016, and its clients over the past 11 years have included Vodafone and Peugeot, both of whom the agency has picked up awards for its work with.
The statement continued: "Given our tremendous success and great accolades over the years, this is an extremely sad moment for our great staff, clients and suppliers. Our primary concern is for our clients, some of whom have projects that were in the process of being fulfilled, to our staff who have worked tirelessly to help us provide the exceptional service we have built our reputation around, and to some amazing supply partners without whom, our ideas would not have reached fruition.
"We are very sorry for those we have sadly and inadvertently let down and wish everyone the very best of success for the future."
AddingValue moved to new larger offices in Isleworth last April with the intention of expanding. The agency had 30 full-time staff at the time.
For C&IT’s Top 50 Agencies ranking, the agency gave 2014-2015 figures, reporting a turnover of £8.2m and pre-tax profit of £247,000 for the 12 months to March 2015.
March 2006: Randle Stonier sets up AddingValue after leaving Euro RSCG Skybridge where he was
November 2010: Peugeot appoints Adding Value for National Business Meeting
October 2012: Adding Value appoints digital media manager
December 2013: P&MM's Chris Clarke to join Adding Value
December 2013: Adding Value sales surge 30% in record year
January 2014: Peugeot appoints Adding Value for flagship event
June 2014: Charlotte Cresswell to leave Adding Value
September 2014: Chris Clarke to leave Adding Value
January 2015: Adding Value reports £150k profits for 2014
November 2015: AddingValue sees 33% rise in pre-tax profit
April 2016: AddingValue moves offices in line with expansion
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