Tue, 17 Nov 2020 | ADMINISTRATION
Manchester-based social content agency Tunafish Media has filed for administration, the company’s managing director Sam Jones has confirmed. Jason Elliott of Cowgills has been appointed to handle the company’s insolvency process.
Revealing the news in a blog post, Jones said that “blaming Covid would be a cop-out”, saying the company had made “mistakes in late 2019/early 2020”, with the pandemic proving to be “the final nail in the coffin.”
Speaking to a local media source, Jones clarified that he had "taken his eye off the ball" in 2019 during discussions over a potential deal for the agency to be acquired. The deal subsequently collapsed.
Jones added that COVID-19 meant that the company would be going out of business owing money to creditors, which he described as “devastating”. The amount Tunafish Media owed to its creditors was not specified.
Tunafish Media was approaching its tenth anniversary in January 2021, having been founded by Jones along with co-directors Richard Brooks and James McDonald after leaving university.
The company, which was based in Manchester’s Canada House, had previously employed 14 staff but had been allowing staff to move elsewhere over recent months, with just the three co-founders remaining with the agency. Its clients included Muse Developments, CTS, Barburrito and Skiddle.
According to its most recent accounts, to the year ending March 31 2019, Tunafish Media held fixed assets of slightly over £12,000, down from £15,561 in 2018. Its current assets were valued at £88,616, down from £129,265 a year earlier. Its net assets stood at £16,838, compared to close to £40,000 in 2018.
View the latest distressed UK businesses here.
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