One of the UK’s top media and entertainment boutiques Wiggin has unveiled a bizarre strategy that will see it effectively cease growing in two years.
In April, turnover stood at £8.2m. By the halfway point this year it was £10m. Chief operating officer John Bannister said that the firm’s business model demanded a partner-led service, which meant it could not “overstaff” with assistants.
“We’re looking at £11m for 2006 and around £16m for 2007,” said Bannister. “Then the plan is for not much more than that.”
The firm demerged its private client arm two years ago and completed its first full financial year since the split in April this year. As Bannister put it: “We were effectively two firms operating under the banner of one, with very different business models.”
Wiggin’s turnover at the time of the split was £6.5m, with £2.2m coming from the private client side.
Once the £16m target has been achieved, Bannister said the plan was for less dramatic “organic” growth.