Photon meets with senior finance representatives of their 50 agencies to outline financial position
July 6 2010, 2:23 pm | | 11 Comments
AdNews reports that Photon Group has met with representatives of the 50 agencies which make up the group – including major agency brands BMF, BWM and Naked – to outline details of the group’s financial position. The meeting, which kicked off at 9am today, was believed to have been attended by senior finance representatives from each of the 50 Photon Group companies.
11 Comments
oh dear. they never call you all together when it’s good news
oops!
Photon is, for lack of a better word, phucked.
I feel for all those people with families and mortgages lured to Photon companies on a promise of security. If a boss doesn’t collect his or her couple of mil – that’s bad luck. but when people get caught up in other peoples mess and lose their jobs that’s sad.
probably just asking everyone to play nice and help by merging the poor performance companies with the top guns – which will go down like a bucket of hot sick.
I’ve heard that just about all of those 50 have booked interviews at recruitment firms – I guess without much money to count they won’t be needed…..
It’s interesting though isn’t it? They have copied the WPP/Ominicom/Publicis model and one has to ask why? It’s sure not for the betterment of advertising and clients and consumers and brands.
They’ve sucked up small agencies and big ones and paid too much for agencies that didn’t have much of a future and made some people rich along the way and others not so…
What’s it all about then? You know….Life?
Oh look Frank’s been eaten…..
Crap concept – corportae history is littered with meglomania driven conglomerates
Crap Structure – banged together to look good not work well
Crap result – the dissappearance of some previously good brands, dragged down by the dross added to give ‘critical mass”
Will they ever learn?
The model for success is simple do good work with good financial management
and a little luck. Chasing only the dollar doesn’t work.
Retrench people. Freeze pays cuts. Cut back wherever possible and no bonuses to anyone, except to the partners of course.
I’m no fan of Photon. Equally, they were a bunch of guys having a go. No, they weren’t all creatives (Siimon was) but they were businesspeople trying to turn a profit. And they still might.
Yes, I feel for the smaller fish that may get burnt. But the ad industry, based on this blog, is a socialist collective. Money isn’t a dirty word. Ambition isn’t a dirty word.
Look at the Saatchi brothers. They got it. And went too far. But I think they deserve respect and admiration. Better to hve ambition and go for it than hide behind your desk for the rest of your life.
Same with the guys behind Photon who had very legitimate reputations in advertising and in business.
Good luck to them and I hope they ultimately suceed.
Siimon cashed out and now everything’s starting to collapse – probably without his creative leadership.
You can’t run every client at a profit, there has to be one or two for the love. Otherwise you stop getting noticed for doing good work. And we all know what happens after that.
I’ve noticed BMF’s work slowly getting worse since the acquisition.