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AFTER TWO MONTHS, CDD TESTA SHUTS DOORS

By Published on .

NEW YORK (AdAge.com) -- U.K. agency CDD Testa, a joint-venture between Italy's largest agency, Armando Testa, and three creative stars from top London agency Abbott Mead Vickers BBDO, closed on Sept. 26, less than two months after the new agency was launched.

Armando Testa had a 55% stake in CDD Testa, and partners that indluded Walter Campbell, Sean Doyle and Dave Dye shared the remaining equity.

A joint statement by Testa and the local partners blamed "recent events in foreign politics and the destabilization of markets around the world" for Testa's decision not to back the London agency.

The local partners are believed to be looking for new backing.

Armando Testa is likely to keep open a tiny international office in London, where David Gray, director of international operations, is based.

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