CDR won the account after a two-way shootout with Merlin Financial. The account is thought to be worth around £75,000 a year. Four agencies were originally invited to bid, although Capital MS&L and Weber Shandwick declined to pitch (PRWeek, 26 March).
CDR replaces incumbent Grandfield, which has held the account since January 2002. Grandfield said it did not bid for the business because of the
reduced budget on offer.
Account leader CDR managing director Jonathan Flint will report to CBCF PR manager Justin Clark.
Clark said an important factor in the decision to engage CDR had been the agency’s contacts with industry and national press.
Part of the Close Brothers Group, CBCF specialises in advising small and medium-sized companies on mergers and acquisitions, debt and corporate
restructuring, although it has been increasingly active with larger companies.
Last year CBCF advised British Energy on its £1.2bn restructuring and is currently counselling hotel and fitness club chain owner De Vere Group on a £118m offer from Guinness Peat Group.