LONDON: UK marketing services group Creston has decided to put its planned USA acquisitions on hold, citing concern over a potential downturn in the American economy.
The firm, whose UK units include ICM Research, ad agency Delaney Lund Knox Warren and direct marketing/digital specialist Tullo Marshall Warren, has shuttered its New York office and will transfer the marketing of its services to US-based clients to its London headquarters.
As a consequence, former FCB ceo Steve Blamer has stepped down as head of the aborted US business. But he will remain with the company for the nine-month duration of his notice period, assisting with US business development for Creston's UK services.
According to the firm's interim management statement issued Wednesday: "The costs incurred to date and of closing the [New York] office are approximately £600,000 ($1.17m; €794.1k) in total and will be fully disclosed in the preliminary results."
Data sourced from multiple origins; additional content by WARC staff