Leeds’ Source Marketing Communications has undergone a board restructure, as co-founder Peter Downey steps back from day-to-day operations while Chris Hughes acquires a significant stake.
Downey, who founded the agency 21 years ago alongside Steve Clark, is taking semi-retirement after two decades at the agency.
To coincide with this, Hughes – who joined recently from Boutique – is taking an equal shareholding alongside fellow directors Daniel Kennedy and Martha Phillips.
Source is a performance-led integrated agency, which works with brands including Homesearch, Age Partnership, Lowell and Bellway Homes. In 2018, Kennedy and Phillips together took a majority stake in the agency after Clark confirmed his decision to step back from daily involvement.
Commenting on his decision, Peter Downey said: “The last 21 years have gone by remarkably quickly and I have enjoyed working with some great clients. Despite recessions and pandemics, Source has always made a profit and this financial year will be a record in terms of turnover and profitability.
“Daniel, Martha and Chris are a formidable team who will build on this success and take Source onto its next stage of growth.”
Chris Hughes added: “Having recently joined Source it’s a real honour to be made a major shareholder within the business. We’ve got a hugely talented team in place, work with some fantastic clients and I’m very much looking forward to the future and driving forward the direction of the agency with Daniel and Martha.”
Image – from left: Steve Clark, Chris Hughes, Martha Phillips, Peter Downey and Daniel Kennedy.
