UK b2b research specialist IQ has closed its telephone and online data collection firm The Wire, just three weeks after acquiring it from global agency Illuminas.
At the end of January, IQ paid
£600k to purchase The Wire and its sister firms Viewpoint Field and Viewpoint Studios from Illuminas-parent Media Square, along with £300,000 of consideration satisfied by the issue of 300m new shares in IQ.
However, earlier today IQ announced its decision to wind up The Wire, following discussions relating to the ‘substantial losses’ the firm had suffered in the previous two years’ trading.
A spokesperson commented: ‘After discussions, it proved impossible to agree economies and cut-backs to enable the business to survive’. He added that The Wire’s staff of around six full-time employees had been informed by letter that the firm would cease to trade.
Established in 1997, London-based The Wire previously offered a 100-seat CATI station, full DP facilities and a project management team for telephone and online surveys.
Web site: www.iqresearch.co.uk