The Foundry enters voluntary administration
The Foundry Pty Ltd, which previously traded ascreative agency The Foundry, has been placed into voluntaryadministration after the business was acquired by rival independentagency Smart, according to Ad News.
On 16 June, The Foundry would cease trading under its current name as part of its integration into Smart’s Melbourne and Sydney offices. Simon Burrett (pictured), former managing director and co-founder of TheFoundry, who has joined Smart as managing director confirmed that thedecision to go into voluntary administration was made on Monday (28June), with administrator Rodgers Reidy appointed today (1 July).
Burrett said The Foundry chairman Ron Parker would retire after 40 years in the industry.
Smart CEO, Ben Lilley, told AdNews the agency will handleThe Foundry’s stable of clients including Barbeques Galore, Dick SmithElectronics, Stihl, Oporto and Scania Trucks.
“Part of the terms of the takeover was that the company would bewound up by the directors and shareholders of The Foundry and that isthe process they are now going through.
“As far as The Foundry clients and staff are concerned it isbusiness as usual. Our takeover model is the same model we have appliedto most of our prior acquisitions and it is normal practice for thecompany who has been acquired to be wound up.”
19 Comments
Hang on a minute. I’m not a lawyer, BUT you only place a company in voluntary administration when it’s in financial distress. Otherwise, if a company is solvent, the directors can merely decide to wind it up.
Which one is it? What’s really going on?
The Foundry got smelted. Wonder what their clients think of this untidy little mess?
What about all Foundrys creditors for work already completed, on air and no doubt paid for by the clients?
Why am I smiling at their misfortune!
Wow… Talk about washing your tax accountants laundry in public!
Who really gives a fuck what these guys are up to Lynchy?
Simon’s a champ and a good table thumper. Hope things end up ok for everyone concerned.
Most definitely a worrying situation for companies like ourselves who are owed rather large amounts of money for a lot of very hard work! With any luck it works out well for all concerned, but we need to get paid what we’re rightly owed.
Better off gone
What a photo. His eyes say ‘trust me’.
(Most of) The Foundry team remain employed and there are now more staff for “the Table Thumper” to yell, scream and throw tantrums at… sounds like a good outcome for all concerned.
Groundhog says it’s going to be a long, cold winter.
Every creative freelancer, supplier, printer and production house heed this warning.
What does a ‘good table thumper’ mean?
6:58 – I think that was written by the man himself!
I can’t see a smart guy like Ben put up with him for long…..
Think he’ll need his PR agency to pull off a miracle to dodge the bad press here!
As long as every freelancer and supplier is paid what they are owed, all should be foregiven.
Number one rule in sustainable advertising: look after your suppliers.
Number two rule: write great ads when budgets are tight so the suppliers you look after are happy to drop the price.
Number three rule: don’t do number two’s too often, and try give them as many number one’s as possible.
If it’s yellow, let it mellow… etc.
2 years later and none of us got paid.