Over 60 jobs lost at Leeds communications firm Brass Agency
Communications firm Brass Agency has fallen into administration leading to all employees being made redundant.
Gareth Harris and Keith Marshall of RSM Restructuring Advisory were appointed joint administrators of Brass Agency Limited on November 29.
Brass provided a full range of marketing services to local, national and global organisations.
The Leeds-based business employed over 60 members of staff, when administrators were called in.
All staff were paid up to the date of cessation of trade on November 28, 2019.
The employees were made redundant on November 28 and their claims will be dealt with by the Redundancy Payments Service (RPS).
Administrators said the firm faced increasing cash flow pressure during recent months.
The directors therefore sought to secure additional finance and sell the company’s freehold property. However, this was not possible in the time available.
They therefore took the decision to cease trading and commence the process to place the company into administration.
Gareth Harris, RSM Restructuring Advisory partner and joint administrator, said: “Despite the best efforts of the directors to seek alternative funding and to sell the company’s freehold property at the level required to eradicate the company’s cash shortfall, it was unfortunately not possible to achieve in the time available.
“All employees have been paid up the date of their redundancy.”