The decision was made last Friday. 11 staff will be made redundant in the UK, with two retained to oversee the closure, while 13 employees from the global technology and finance teams will remain.

It will also be closing other loss-making regions, including the Nordics and Germany, while the US and French offices will remain unaffected.

Clash-Media hired CEO Ed Bussey in May to develop a turnaround plan for the company. He said, “This will turn the company from a loss maker to a profit maker. The restructuring had to happen and although it’s painful it is necessary.”

The news comes a week after performance marketing network DGM went into administration