300 Million falls into administration

Consultancy 300 Million has closed its doors after going into administration, its managing director Nigel Davies has confirmed.

Campaigning for Change by 300 Million
300 Million’s Stop Sex Trafficking campaign for Body SHop

Davies says the main factors that led to the closure were a client in debt ‘which was unable to pay its bill’ and the loss of ‘a significant client at the end of last year’.

‘It was difficult to get on track with our overheads and after taking advice from accountants we decided to go into administration,’ he adds. 

The ten staff who made up 300 Million had been on notice since the beginning of February, according to Davies,

Davies was closing down the consultancy’s offices in London EC1 this morning.

300 Million was set up in 2004 by Davies and creative director Martin Lawless and counted communications company Yota, retailer The Body Shop, and the London Symphony Orchestra among its clients.

Last week the consultancy won a gold DBA Design Effectiveness Award for its Body Shop Stop Sex Trafficking of Children and Young People campaign.

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Comments
  • Gary Marshall November 30, -0001 at 12:00 am

    Sad to see another great studio close, but seeing “client debts” more and more unfortunately as a factor.

    So many clients want the work before paying, thinking the new work will bring in an avalanche of money to then be able to pay their consultancy.

    Best wishes for future ventures what ever they may be.

  • Mike Reed November 30, -0001 at 12:00 am

    I was at ‘the wake’ last Friday, seeing off clients who had long since stopped feeling like clients, and become ore like colleagues and even friends.

    300million was a proper creative company: led by smart, committed creative people, driven by ideas, dedicated to craft. They did more great work in eight years than many agencies ever accomplish. No doubt we’ll see everyone from the team doing more amazing things in the future, but it’s still a sober moment for anyone who values rich, brilliant ideas, beautifully realised.

  • Ciaran Horrex November 30, -0001 at 12:00 am

    The studio may close but those who made it what it will be back I’m sure.

    300million and 1.

  • Simon Barbato November 30, -0001 at 12:00 am

    Very disturbing to see such an excellent consultancy succumb to the ripple effects of the economic slow down.

    Another demonstration that continued due diligence of clients is just as important as the new business development itself.

    We wish the guys the very best for the future.

  • David Bartholomew November 30, -0001 at 12:00 am

    A client who doesn’t pay is neither client, colleague or friend – they are a bad debt.

    Too many agencies are financially naive and leave it far too long before getting hard about payment.

  • Shan Preddy November 30, -0001 at 12:00 am

    Very sorry indeed to hear this sad news.

    Best wishes to Nigel, Martin and all of the 300Millionaires for the future.

  • Mark Pattinson November 30, -0001 at 12:00 am

    All the best to you all.

  • A. Caluori November 30, -0001 at 12:00 am

    It is hard to see a great company with so many talented people and outstanding creative output not making it through these challenging times.

    Luckily, it will be just a matter of time until we’ll see Nigel, Martin and Co reinvent themselves, come back and continue setting the standard in the UK’s creative industry.

    Keep on pushing. And thanks a million.

  • Matt Baxter November 30, -0001 at 12:00 am

    At 300million I believe we always had a real desire to push things creatively, to challenge some of the norms of the industry and to build a great business. Last week’s DBA Gold goes to show that the agency was continuing to push it, despite tough times. A great shame to see the business come to an end. I’m sure further exciting times lie ahead for the departing denizens of Exmouth Market.

  • Kerry Bolt November 30, -0001 at 12:00 am

    Really great creative company – demonstrates a scary reality at the current time. Good luck guys.

  • Wayne Peach November 30, -0001 at 12:00 am

    Lovely people creating some lovely work.

    Sad to hear…

  • Tom November 30, -0001 at 12:00 am

    Really sad news. 300Million was a great, great company who produced truly inspiring work. I’m sure whatever they do next will also be amazing.

  • Najab November 30, -0001 at 12:00 am

    I visited this very brilliant agency with my students in 2009 and we were very impressed by the superb work done with the LSO, and by the friendly welcoming that the talentuous guys had reserved to us. GOOD LUCK INTHE FUTURE. F Najab, Head of the Master Degree in Communication, Sorbonne University-Paris 3

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