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Glasgow PR agency Hollicom falls into liquidation after failing to repay debts
09.03.2022 - 16:07 / dailyrecord.co.uk
Glasgow PR agency Hollicom has fallen into liquidation after failing to repay debts.
The communications company has ceased trading and all staff have been made redundant.
The business entered provisional liquidation last month due to rising costs, unsustainable debts and a downturn in business.
It comes as records from Companies House revealed that a court order for winding up the business was submitted on 4 March after it entered insolvency on 28 February.
Business partners with FRP Advisory, Stuart Robb and Callum Carmichael, have now been appointed joint interim liquidators.
The total share capital of Hollicom is valued at just under £45,000 - which was paid up on 28 February.
Former Trinity Mirror chief operating officer Mark Hollinshead launched the agency in 2017, alongside ex-PwC partner Steven Simpson, with headquarters on St Vincent Street in Glasgow.
It offered a range of media services, including public relations, strategic communications planning, media consultancy, crisis management, media training and regional marketing planning.
Hollinshead and Simpson ceded control of the company on 13 December, resigning as directors and selling the business to Heather Suttie and Rebecca Smith, who decided to begin winding it up.
Suttie, an environmental campaigner, writer and broadcaster, joined the team as creative director in 2020.
She was a former commercial content lead at Reach, delivering campaigns for RBS, Worldwide Cancer Research, Aldi and the Scottish Government.
Accounts for the year ending 31 March 2021 reveal Hollicom made a profit of £53,200 - but it had £44,667 due to creditors within one year and £92,000 the year after.
The business entered provisional liquidation on 4 February, due to rising costs,
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