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.