Jaywing is launching a major review of its business structure which could lead to a number of jobs being cut, just weeks after blaming the ongoing political turmoil for a £6m slump in revenues.
The move comes despite a deal with two key shareholders to provide an injection of working capital for the group, that includes the main agency, Epiphany, Jaywing PR, Jaywing Intelligence and the Australian arm.
At its results announcement in September, chairman Martin Boddy was upbeat about the company’s future prospects, insisting its data, digital and technology expertise meant it is well positioned to bounce back once marketing budgets return.
However, chief executive Rob Shaw told Prolific North: “As recently announced regarding the refinancing of our business, we have strengthened our balance sheet and are currently reviewing our business structure.
“This will enable us to align the operation and skills of our workforce to focus on the needs of both our existing and new clients. Regrettably, this will impact a very small number of roles within our business, and we will of course aim to conclude this process quickly and minimise any impact on our team.
“As this is a current process, we are unable to make any further comment at this time.”
Late last year, Jaywing sold off its loss-making contact centre business HSM as part of plans to simplify the business and concentrate on its core data science offering.
Bidco, which is backed by private equity firm Aquiline Capital Partners LLC, acquired HSM in a £500,000 deal, on a cash-free, debt-free basis.
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