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McCanns in process of resigning MFI in lead up to client's administration

With MFI going into liquidation for the second time in two months, speculation is mounting as to the full extent McCann Erickson Birmingham is exposed to the failure.

The agency picked up the £30m account from Zenith and Saatchi and Saatchi, amid reports that the two London shops could not secure credit insurance for the business.

McCann Erickson has so far declined to comment on the speculation although it is understood that the agency never had any dealings with the latest MBO team, meaning the agency can still pursue the previous owners for any outstanding debt.

The Drum undertands that the agency had anticipated the failure, reduced its exposure and was in the process of resigning the business in the days leading up to its administration.

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