Steve Absolom and Will Wright from KPMG’s Restructuring practice have been appointed joint administrators to The Hook Group, the social media and marketing group.
Based in London and employing 25 members of staff, The Hook Group comprised two divisions – The Hook Labs, which created and ran social marketing campaigns for a number of blue chip clients; and a youth entertainment channel, The Hook, which had in excess of 14 million followers across social media.
Immediately following their appointment, the joint administrators sold certain assets of the business to social video company Brave Bison Limited, a subsidiary of Brave Bison Group PLC. Six members of staff have transferred to the purchaser.
Steve Absolom, partner at KPMG and joint administrator, said: “The Hook Group had started to experience significant cashflow issues during the first quarter of the year which were then compounded by the impact of the Covid-19 pandemic, prompting a number of clients to suspend advertising and marketing spend.
“At a time when staying connected feels more important than ever, we are therefore pleased to have been able to secure a sale to Brave Bison.
“While it is pleasing to have been able to preserve a number of jobs as part of the transaction, sadly it has not been possible to find a solution which involved a transfer for all of the Hook Group’s employees. Although we have retained a small number of people to help complete outstanding projects, the remaining employees are likely to be made redundant. Our immediate priority is to work closely with those affected and provide them with all the support and assistance they need during this difficult time.”
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