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The Fourth Room Goes Under
The Fourth Room consultancy in the UK has just disclosed that it will be closing its doors for business as of Friday 30th August. It will also shortly be seeking shareholder approval to enable the company to enter a Creditors' Voluntary Liquidation.
This news follows last month's announcement that Michael Wolff, one of the company's founders, was dismissed for gross misconduct.
The Fourth Room co-founder and Managing Partner Piers Schmidt comments 'It is with deep regret, and only after having explored every alternative, that Wendy Gordon and I have concluded that our business is unable to continue. We have been left with no other option than closing the front door of 34 Bedford Row for the last time.'
Schmidt added 'We are a small business with little capital and few assets other than our talented partners and staff. Unfortunately, recent internal events, which we are not at liberty to discuss for legal reasons, have dealt us the heaviest of financial blows from which we are simply unable to recover.'
The Fourth Room was founded in January 1998 by Wendy Gordon, Piers Schmidt, Michael Wolff and Russell Lloyd and quickly carved out a reputation for a brand of innovative marketing strategy provided by an eclectic team of senior partners drawn from industry and a variety of consulting disciplines. The agency was on track for a fee income of £2.1 million in 2002 and employs 25 people.
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