Porta Communications to buy majority stake in Threadneedle Communications

Porta Communications, the listed vehicle established by Citigate founder David Wright, has signed a deal to buy its first comms consultancy.

City PR: Porta buys financial agency Threadneedle
City PR: Porta buys financial agency Threadneedle

Porta will buy 80 per cent of financial PR agency Threadneedle for £3.8m, subject to approval from Porta shareholders.

As part of the deal, the agency will be renamed Newgate Threadneedle.

Threadneedle Communications was founded by Graham Herring in 2003 and is currently ranked as the 3rd largest financial PR adviser of AIM-listed companies in the Hemscott Rankings.

Late last year, Wright took over TSE Group, an AIM-listed sports marketing group, renamed it Porta Communications launched a £2.75m placing to raise cash for acquisitions.

A company statement said: ‘The acquisition of Threadneedle represents the first transaction for the company as it seeks to build a group with a wide range of services and skill sets that provide clear synergies for its client base.’

It added that ‘the acquisition will give Porta a leading position in the financial public relations sector focussed on small and mid cap companies… Threadneedle Communications, its employees and clients will in turn benefit from the increased scale and resources offered by being part of an enlarged group.’

Threadneedle Communications merged with technology specialist PR shop ICIS in July last year.

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