Tuesday, 29 May 2018

Sir Martin Sorrell set for comeback with new advertising venture



Sir Martin Sorrell is set for a return to the London stock market just weeks after leaving advertising giant WPP.

 
He is taking charge of a shell company, Derriston Capital, and plans to turn it into a new advertising venture.


Sir Martin, 73, the driving force behind 33 years of dealmaking at WPP, stepped down in April after the board investigated claims of misconduct.


Confirmation of the Derriston deal, first reported by Sky News, is expected in an announcement early on Wednesday.


After he left WPP, Sir Martin said he was in no hurry to retire from business and spoke of creating a "next generation" advertising group.
He is expected to become chairman of Derriston, which is little more than a listed company name with cash in the bank. It 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.




BBC     News.