"Very difficult decision": Leeds firm 75Media placed into voluntary liquidation
Leeds-based roadside advertising business 75Media has been placed into voluntary liquidation, the company has announced.
A statement on LinkedIn said the company’s board of directors had made "the very difficult decision" to put the company into liquidation on Wednesday.
It said: “Over the last six months, the board has explored every viable option to secure the long-term future of the business but sadly, despite extensive negotiations with our infrastructure landlord, it has not been possible to agree a way forward.
"Since its launch in May 2020, 75Media has always forged its own path, working innovatively to bring the brand-building power of roadside advertising to businesses of all sizes across the UK. From its first-of-a-kind billboard optioning and booking system, BOB, to its Ignite membership scheme for start-ups, 75Media has always strived to democratise out-of-home advertising and bring it closer to real businesses and causes."
The company’s statement on LinkedIn added: “None of this would have been possible without the following, who we express our deepest thanks to our incredible team whose talent, dedication and belief in 75Media has driven everything we have accomplished; our wonderful clients for their trust, creativity and collaboration, our brilliant suppliers and consultants who have supported our ambitions with expertise and commitment and the many partners and stakeholders we have worked so closely with to build something truly special.
"We are profoundly grateful to everyone who has been part of 75Media. While today’s announcement marks the end of our trading journey, we hope that the impact we have made together across the roadside advertising landscape will endure for many years to come.”
Earlier this year, the company announced it had secured a seven-figure investment from Mercia Ventures as part of the Northern Powerhouse Investment Fund II at a point where it had 56 employees.
Paul Inman, CEO and Founder of 75Media, said at the time of the agreement: “This investment is a defining moment for 75Media. Mercia’s support isn’t just about capital; it’s a vote of confidence in our vision to build a tech-enabled outdoor advertising business, which still has people at its heart – both in terms of our team, and the real audiences we need to deliver for our clients.
"As an industry, we need to be pushing innovation and reaching more people, and that’s what we’re here to do – to shake things up. This partnership allows us to move forward with even greater ambition.”