Finale for GrowthOps as liquidators called in
Integrated agency group Growthops has collapsed, with the once-ambitious collection of creative, consulting and tech companies under voluntary administration or in the hands of liquidators.
Formed in 2017 by founder Phillip Kingston, Trimantium Growthops listed on the ASX and acquired a range of agencies including AJF Partnership in Melbourne, Khemistry in Brisbane and Asia-Pacific Digital (APD).
Within two-and-a-half years, it had delisted from the ASX after a tumultuous journey marked by significant financial losses and a share price that began at $1.22 in March 2018 and ended at 5.3 cents by October 2020.
Growthops in happier days
An insolvency note filed with ASIC yesterday lists 19 Growthops companies that have been placed in voluntary liquidation, including AJF Partnership, JTribe, Voodoo Creative and all the APD businesses.
According to the note, Growthops directors resolved to wind up the group on Monday, appointing McGrathNicol. The liquidators are Katherine Sozou and Damien Pasfield.
While the company initially indicated Khemistry and ForwardPR would remain unaffected by the liquidation, Mumbrella understands staff have been told they have moved to liquidation.
When Growthops was founded, it described itself as “a new kind of service provider – a growth services partner.”
“We’re creating a new category that fuses together marketing, technology and people disciplines to help large organisations acquire and retain new customers, build and launch transformational products, and scale up operations.”
In a statement to Mumbrella, Growthops Asia said it was continuing with business as usual and had not been placed in voluntary administration or liquidation.
“GrowthOps Asia is a separate operating entity and is not affected by these appointments … GrowthOps Asia operates sustainably and independently, with its own leadership, teams, and client base.”
If you have information regarding the collapse of Growthops, please get in contact with Mumbrella at news@staging.mumbrella.com.au
The ulimtate April Fools.
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What was with their Linkedin post announcing it?
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Will be interesting to see what comes out in the wash when all of this is wrapped up. From the outside it seems to be a masterclass in mismanagement and lack of direction.
Why you would acquire a renowned creative agency and force the key drivers of what made it successful out is baffling. At least they get the last laugh.
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