Founder Andy Spinoza says SKV Communications has “come to the end of its natural life” after revealing the Manchester-based PR agency is being wound up.
Originally founded in 1998, SKV is one of the best known agencies in the city, winning more than 50 industry awards and since 2013 has enjoyed a coveted place on the Government Crown Commercial Services roster.
But Spinoza (pictured), the former Manchester Evening News journalist and founder of City Life magazine, said that “current and projected business conditions” had left it with “no other option” but to manage a controlled winding-up under a Members Voluntary Liquidation.
All 11 employees, including shareholder-directors Spinoza and Geraldine Vesey, will be made redundant.
Spinoza says that the business is still solvent and that all creditors will be paid, and that the agency will cease trading on June 30th.
He said: “Current and projected business conditions have called the future viability of the business into doubt. We are left with no other option but to manage a controlled winding-up.”
The directors say they are keen to protect income for redundant employees, and are supporting a number who are in talks with SKV clients to transfer the accounts to them as freelance practitioners.
SKV ranked 34th in the Prolific North Top 50 PR Agencies 2019, and alongside the government roster, worked with clients including BUPA, BDP and Siemens Digital Industries.
Originally launched as Spin Media, the company rebranded to Spinoza Kennedy Vesey Public Relations in 2005 as the word ‘spin’ began to pick up more negative connotations.
The Kennedy in the company name was former Freud Communications exec Daniel Kennedy, who resigned as a director in 2015 to set up video production company Paper Films.
It rebranded once again to SKV Communications in 2009, and the most recent records show that Spinoza had a two-thirds share in the company.
Five years ago, the company was reporting a sharp rise in annual revenue to £1.5m but that figure is now understood to be under £1m.