Chime chief says Bell is still pursuing buy-out move
Thursday 08 March 2012
Lord Bell's bid to buy out part of public relations group Bell Pottinger is still on, the chief executive of parent company Chime Communications said.
Chris Satterthwaite said talks between Lord Bell, Chime's chairman, and the board are ongoing despite leading shareholder WPP saying last week that the plan "set a terrible precedent".
Mr Satterthwaite said that the fact Lord Bell was looking to buy only a small part of Chime's PR business, representing under 10 per cent of group profits, should reassure investors "if it happens".
Lord Bell is thought to be interested in buying out some of the PR firm after a row about its Government lobbying.
Chime's pre-tax profits hit almost £25m against £21m a year earlier, thanks to growth from the sports marketing and advertising agency VCCP.
The PR arm suffered the loss of a US government agency contract.
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