Sir Martin Sorrell to comeback with new advertising venture
He is taking charge of a shell company, Derriston Capital, and plans to turn it into a new advertising/marketing venture
Sir Martin Sorrell is set for a return as he is taking charge of a shell company, Derriston Capital, and plans to turn it into a new advertising/marketing venture. This development comes just weeks after he left advertising giant WPP where he was the driving force.
Confirmation of the Derriston deal was first reported by Sky News. He is expected to become chairman of Derriston, which has been on the London Stock Exchange since 2016.
Sky News, citing an unnamed source close to the transaction, said Derriston would acquire S4 Capital, an entity controlled by Sir Martin, and that he would put £40m of his own money into the venture.
Institutional investors including Lombard Odier, Miton, RIT Capital Partners, Schroders and Toscafund would add a further £11m, say reports.
Many are calling Sir Martin's decision to acquire Derriston having echoes of his reverse takeover of a small listed firm, Wire and Plastics Products, in 1985 that was turned into WPP, and went on to become the world's biggest advertising company. "He's borrowing from the same playbook," said one of his backers to Sky News.
Sir Martin left WPP after allegations of misconduct and misuse of company money, although the findings of an internal report into the matter were never disclosed. He has strongly denied the allegations.
Incidentally, his contract at WPP did not have a non-compete clause, say reports.
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