Tue, 19 Jun 2012 | MBO/MBI
A £19.6 million buyout of Bell Pottinger led by Lord Bell has gained majority approval by the shareholders of Chime Communications. 18 senior managers and two unnamed private individuals backed the buyout.
Lord Bell is to chair the new agency, which will be called Bell Pottinger Private. He will be joined by Piers Pottinger as the deputy chair and James Henderson as chief executive.
The deal is opposed by its largest shareholder WPP, but was pushed through due to 51 million of Chime’s shareholders voting in favour, with 17 million against.
It is expected that the deal will be completed by the end of June. Lord Bell and Piers Pottinger will be returning to ownership of the PR agency they set up in the 1980s.
Chime will retain a 25 per cent holding and pocket £14.9 million in cash thanks to the deal. Having let go of Bell, Chime will be able to concentrate its efforts on sports marketing, healthcare and advertising.
At 70 years Lord Bell, who was Margaret Thatcher’s PR guru, has no plans to retire. He told the Daily Mail, “I work seven days a week, 24 hours a day. I have done so since I was 17 and I plan to keep doing it until a couple of hours from my death.”
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