Thu, 06 May 2010 | ADMINISTRATION
I-level, one of the most prominent digital media agencies in Britain, has been tipped into administration by its bosses after losing a crucial contract for government advertising.
It is thought that about £40m - a significant 40 per cent - of the business' sales were derived from the Central Office of Information before the contract was lost. The business has since been won by rival WPP's GroupM despite I-level's efforts, jointly with media agency Starcom, to pitch for the renewed contract in February.
Co-founder Andrew Walmsley and group chief executive Stephen Rust have called in Zolfo Cooper to take the administration process in hand. The company is to maintain operations while the administrators assess the financial state of the business and set about seeking potential buyers.
The lost contract led to cashflow problems for I-level, which had also failed to secure new funding.
Private equity group ECI bought a 60 per cent holding in I-level in 2008 in a deal worth £45m.
The media agency was founded by Andrew Walmsley and Charlie Dobres in 1999, and its payroll has expanded over the years to 120 employees. Its clients include the household names Procter & Gamble, Orange, Sky and The Sun.
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