Teesside digital marketing agency Viral Effect will continue trading having been sold out of administration.
Administrators have hailed the deal to sell the Boho Four, Middlesbrough-based firm to Cresco CR Ltd, a separate business owned by former Viral director and co-owner Mike Racz. The undisclosed deal means 20 jobs have been saved.
Insolvency experts from FRP Advisory were appointed to Viral Effect in recent weeks and say they have dealt with numerous interest parties having marketed the social media specialist. Viral, which was set up in 2012, had talked of work with prominent brands such as Domino's, Costa and Anytime Fitness and offered social media management, creative content and digital marketing services.
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Becky Norman, managing director at Cresco CR Ltd, said: “We are pleased to announce that we have acquired the business of Viral Effect. Firstly, we want to thank the talented team behind Viral who have been integral to the development of the business to date. Viral's clients value and expect a high level of service and support which we are committed to maintaining. We are excited about the opportunity to build upon Viral's existing client relationships and are eager to forge new relationships as we expand our reach and service offerings.
"In the coming weeks and months, we will be working diligently to ensure a smooth transition for everyone involved. Here's to a bright and prosperous future for us all."
Iain Townsend, restructuring director at FRP and joint administrator of Viral Effect, said: “We’re pleased to have secured a positive outcome for a brand that has been growing for more than a decade. The deal secured ensures that trading will continue, and all employees will be transferred across to the new owner. We wish the new management team every success as they take the business forward.”
