Independent full-service creative and media agency Lionize has gone into administration with liabilities of more than $5 million and money owed to staff and several media players.
The administrators -- PKF partner Simon Thorn and senior manager Senray Loy -- calculate that staff are owed $430,331 in annual leave, superannuation and long service.
Thorn and Loy's report to corporate regulator ASIC describes a long list of creditors collectively owed $5,395,411.
On the other side of the balance sheet, the agency had $130,000 in a bank account and is said to be owed around $790,799.
Two BMWs, used by directors, are also listed as asset as are shares in 360 Food Group, a virtual kitchen businesses
Creditors include oOh! Media (almost $75,000), Ovato (more than $98,000), Shopper Media (almost $130,000), Quantcast (more than $35,000), JCDecaux ($44,000), QMS (more than $44,000), ARN ($11,000), Broadsheet Media ($10,000) and smaller amounts to SCA, News Corp and TikTok.
The Australian Tax Office is listed as being owed more than $1.3 million.
The agency, founded in 2020, describes itself: “Lionize shakes the agency model, dismantling cross-agency complexity with greater collaboration, transparency and value.
“We combine big agency and business knowledge across creative, media and data with all the entrepreneurial buzz of a start-up.
“Our team is a potent bunch of agency leaders, marketers and behavioural thinkers ready to go into bat for you every day with creativity that counts.”
Mikey Taylor, co-founder and CEO of Lionize, told AdNews late in 2021: " ... we have lots to look forward to in 2022."
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