One of the most controversial names in the media and marketing industry will vanish from the landscape tomorrow when Photon Group officially becomes Enero.
The company was once one of the fastest growing listings on the ASX. Chairman Tim Hughes and CEO Matt Bailey embarked on an acquistion spree that saw the share price soar although the company became loaded with debt and virtually open ended earnout commitments to founders of the companies they had bought.
The company then teetered on the brink of failure before being turned around by CEO Jeremy Philips who sold many of its businesses and reduced its debts to a manageable level.
Matthew Melhuish, co-founder of BMF which remains a Photon agency, has since taken over as CEO. In April he unveiled a simplified structure and the plan to rename the company Enero to distance it from the excesses of Photon.
Along with BMF, the companies within the $45m organisation include Naked Communications, Auspoll, BWM, City PR, Corporate Edge, CPR, Dark Blue Sea, Frank PR, Hotwire, Jigsaw, OBMedia, Precinct and The Leading Edge.
The Photon ASX code of PGA will be replaced tomorrow by Enero’s new code of EGG. Meanwhile, the organisation’s website has already switched to the new Enero brand.
Photon's eight year adventure on the ASX