Goodstuff invests in two media agencies as part of growth drive
Cripps, incorporating Pemberton Greenish, has advised media agency and longstanding client Goodstuff in relation to its investment into two media agency start-ups, Love Sugar Science in Manchester and Sixteenbynine in London.
Andrew Stephens and Ben Hayes who co-founded Goodstuff in 2004, announced their plan to invest up to £1m worth of finance and support in the two start-ups last year in an initiative called Startstuff. They received 34 submissions from a wide range of individuals and groups, including some senior figures at other agencies, before picking Love Sugar Science and Sixteenbynine.
Goodstuff has taken undisclosed minority stakes in return for providing working capital support for two years and business support services including media-buying and back office functions.
Stephens and Hayes commented “We did this in response to the systemic change in the media industry right now, which has clients calling out for new model agencies.”
Megan Stuart, Goodstuff’s Finance Partner said “These investments are an important part of our growth strategy and so it was natural for us to turn to Cripps for legal support. They are long standing advisers to Goodstuff and understand our business and the media agency landscape intimately. It was great to work with them again”.