Aidan Cook, the managing director of Sense Internet, has told The Drum that closing the Leeds agency after 15 years in business is about "doing the right thing".

Leeds' oldest digital agency revealed it was closing in a frank open letter posted on its website earlier today.

"We've seen too many people owed wages by an employer that goes bust, we've met clients who were left in the lurch in similar circumstances, and we've experienced the pain of a supplier that finds they're not going to get paid," the letter said.

This afternoon Cook told The Drum that Sense was a company "shutting down rather than going bust".

He said of its closure: "It's been a culmination of factors. In the agency world you're at the end of a food chain which starts with the consumer.

"A lot of our clients have seen slowdown in spending and that's knocked on to some of the projects we were expecting.

"As we put on the notice we've always been very careful to make sure we do right by everyone.

"Despite never having had any borrowing, despite always having very good cash reserves in place for a rainy day, we just hit a point where we weren't prepared to risk everyone else's redundancy payments."

Cook said the closure had been carefully planned so that staff had time to find new jobs, clients could find new agencies and no one would be left out of pocket.

"We've been spending the last three months running things down in such a way that the clients have continuity of service, there's a good handover going on, and that the guys working here have had plenty of time to look for new jobs."

Four staff remain at the agency finishing off client work before it finally closes its doors at the end of the month.

Last October the team peaked at 40 and staff numbers have steadily been reduced since then. Cook said all staff that have left the agency have been able to find employment elsewhere.

"Everyone here has been snapped up. That's a mark of their skills.

"To be honest it makes it a lot easier on an emotional level. It's a lot more reassuring when you know that they've all gone straight into jobs."

In its 15 years Sense has worked with clients including Travelodge, Warburtons, Rizla, Helly Hansen, Wrigleys and Yorkshire County Cricket Club.

It launched the first incarnation of leeds.gov and British Airways' press site.

Today former staff and well wishers on Twitter praised the dignified nature of its closure. "Being decent is a rarity during these times. I hope it all works out for everyone involved," wrote one commenter on The Drum's website.

Cook, who expects to move into consultancy work, said of the reaction: "On one level it's very pleasing because it shows the way we chose to do business is the right one, which makes the disappointment of not being able to continue all the more poignant.

"We've done what we set out to. We ran a good place to work for as many of us as possible for as long as possible.

"It's nice to be able to exit with a little bit of style."