BJL looks likely to be hit by Bradford & Bingley move - North West Media News

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BJL looks likely to be hit by Bradford & Bingley move

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Tuesday, 30 September 2008

The financial crisis currently creating turmoil at the heart of the international banking sector yesterday looked to have had regional ramifications, as the news of mortgage lender Bradford and Bingley’s nationalisation filtered out over the news wires.

Manchester-based ad agency BJL holds the institution’s multi-million pound account, which has now been thrown into jeopardy as the brand looks likely to disappear entirely from the high street.

BJL, which has so far had a strong year of new business wins (including Lambrini and UCLan), has worked with Bradford & Bingley for the past three years, recently launching campaigns to push the high street and savings side of the ailing business.

The agency was yesterday adopting a ‘business as usual’ stance to the news at one of its biggest clients, with an official statement from MD Nicky Unsworth noting:

B&B on the high street... for now

“We are being kept up to date by Bradford and Bingley, working closely with the team at B&B to help them with their planning moving forward but obviously can’t comment on their business.

“We continue to work with them and support them in any way we can.”

However, with the nationalization of the client’s mortgage and loan operation and the takeover of its savings and branch offering by Santander-owned Abbey, Bradford & Bingley will technically cease to exist in its current form.

The government, as it did with Northern Rock, is expected to retain the brand, but it is likely to disappear from the high street – and all associated campaigns – as Santander completes the takeover and integrates the branches into its existing network.

At the time of writing the stock market was reeling from a flurry of blows (including the B&B development, ongoing concerns about the $700bn US financial package and the moves to save both Wachovia and Fortis) and closed down 5.3 per cent, it’s biggest one day fall since January.

www.bjl.co.uk

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Comments (12)

1 By Loggedoff, on 30-09-2008 09:27
Brace yourselves, this could be a rough ride.

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2 By But..., on 30-09-2008 09:37
most of the agencies I talk to still seem to be remarkably bullish about the outlook.
Working harder - yes. Worrying more - yes. But still getting the projects through the door.
We're bound to catch the same cold here, but I wonder if the 'better value' perception might actually help clients look more locally?

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3 By shop local, on 30-09-2008 09:57
> I wonder if the 'better value' perception
> might actually help clients look
> more locally?

I don't think it's possible to underestate how important this is going to be in the short to medium term for the industry in the NW.

Collectively and as individuals we should be hammering this message at every possible opportunity.

Apocalypse notwithstanding, it's a unique opportunity to highlight a massive benefit NW outfits are able to offer over our London counterparts.

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4 By Loggedoff, on 30-09-2008 10:08
Its great to be positive and spin, but, we also need to prepare for the worst.

Denial that this is a major crisis for our industry is counter productive. The financial services sector stopped additional marketing spend a few months ago and the situation is now much, much worse.

These people fuel our economy and the fuel has run out.

[Ed] It would be useful if How Do prepared a breakfast briefing on survival tactics bringing out some experience from the last recession. Anyone under 40 who is now in senior management was probably in junior management at the time. I know I was.
We need to pool our resources and come out fighting.

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5 By Loggedoff, on 30-09-2008 11:45
Mortgage market troubles to continue in 2009 says AMI

The Association of Mortgage Intermediaries (AMI) has predicted that net lending for 2008 will be half the levels seen in 2007, warning that it is not likely to increase in 2009.

In its latest research published today, ‘The Credit Crunch – One Year On. Adapting to a Changing Mortgage Market’, the body said lending for 2008 would be roughly £55bn.

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6 By Scotty, on 30-09-2008 12:06
I think the value argument is a dangerous road to go down.

If we continue to portray firms here as cheaper there's going to be a huge number of clients who think 'nastier' too.

Attract firms on the value ticket now and they'll only bugger off when there's a turnaround.

We need to push ourselves as being better and providing better service, not as the bargain basement option.

That's a short term solution that undervalues what we do and how far the industry has come.

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7 By Loggedoff, on 30-09-2008 12:24
Am I the only one who does not believe spin will save the day :(

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8 By shop local, on 30-09-2008 17:24
There's an important difference between "cheap", and "value", the latter being our proposition, I think.

Why not attract clients on a "value" ticket now then blow them away with effective, creative work?

I appreciate what your saying wrt a "service" proposition, but with budgets slashed left and right, "value" is a better sell.

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9 By Loggedoff, on 01-10-2008 08:36
It's a bit like the difference between 'global financial meltdown' and 'economic challenges'.

Why don't our customers understand the importance of these subtle differences? All they seem to want to do is survive.

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10 By Good grief, on 01-10-2008 12:03
How about you lot start worring about your clients challenges right now instead of your own. It's not a difficult idea... or is it?

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11 By Doomed!, on 01-10-2008 13:24
What we will see is a Darwinian evolution. Just as the banks with the crappiest loanbooks will go down the plughole, so will the media and the marketeers with the weakest solutions.
Never mind, though girlies, the country always needs more sewage workers, streetsweepers and litterpickers.

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12 By Loggedoff, on 01-10-2008 14:10
Lol, Don't be so rough Doomed! You should have said 'sanitation operatives' and 'urban environment solution managers', then at least the solution will be packaged correctly, don't forget 'rain opportunity' has a silver lining after all!

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