Go-ahead for Lord Bell's £20m Bell Pottinger buyout
Tuesday 19 June 2012
Lord Bell's £19.6m buyout of the PR firm Bell Pottinger has got the green light after 75 per cent of shareholders in its parent Chime Communications backed it – despite Chime's largest investor WPP voting against.
His new firm, Bell Pottinger Private Communications, begins trading in July.
"The next adventure begins," said Lord Bell, 70, who has no plans to retire. "I love it. I don't smoke a pipe and I don't have slippers."
Lord Bell, pictured, will step down as Chime chairman, and is glad he will no longer have to face the scrutiny of the City.
"I won't have to bother, thank God," he said, stressing the word "Private" in the name BPP Communications. "It means I can go back to speaking on behalf of clients."
Chime has come under fire because of Bell Pottinger's controversial clients, which have included foreign regimes. Staff also boasted about their use of "the dark arts" to undercover reporters in The Independent.
Lord Bell said he was "not in any way being triumphalist" about the management buyout, which Sir Martin Sorrell's WPP, a 21 per cent shareholder, claimed was poor value and set "a terrible precedent".
Chime's chief executive, Chris Satterthwaite, said: "Generally I agree with WPP's precedent about not allowing MBOs. This was an extraordinary situation."
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...