Thu, 10 May 2012 | MBO/MBI
PR company Chime has announced in an interim management statement that it is to sell off constituents of its Bell Pottinger brand through a management buy-out.
The sale of businesses including Bell Pottinger Sans Frontieres, Bell Pottinger Public Affairs and Bell Pottinger Middle East, has been rumoured for some months but this latest announcement agreed the main terms for a management buy-out of the firms, led by Lord Bell.
Plans are in place for Chime to retain a 25 per cent minority stake in the Bell Pottinger sale, with the terms based on 2011 profits. The potential management buy-out of the Bell Pottinger sections of the firm's public relations division would represent less than ten per cent of the group's profit.
A statement from the group read: "Its completion remains subject to the finalising of financing arrangements and the completion of due diligence."
Lord Bell, Chime's chairman, added: "Trading during the year so far has been satisfactory within the sports marketing, advertising, research and healthcare businesses, but we are forecasting a decline in revenue and profits in the public relations business which will affect the full year results.
"Given the profit decline in Public Relations and a rebalancing of sports marketing profits caused by the Olympics, group profits will be second half weighted."
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