Boakes takes a seat on Grandfield board

Nick Boakes, a founder director of the financial PR group Ludgate following its management buy-out from Hill Murray seven years ago, is to join Grandfield as deputy managing director later this month.

Nick Boakes, a founder director of the financial PR group Ludgate

following its management buy-out from Hill Murray seven years ago, is to

join Grandfield as deputy managing director later this month.



Boakes, head of Ludgate’s corporate division for the last three years,

is returning to Grandfield - where he started his career in the 1980s -

just three months after Ludgate was acquired by McCann-Erickson for more

than pounds 10 million.



His stake, said to be a ’significant minority’ of above five per cent,

is believed to have netted him over pounds 500,000.



The departure of Grandfield finance director Brigid Wilkins earlier this

year opened the way for Boakes to buy into the agency - becoming the

first new equity holder in Grandfield since its MBO from Saatchi and

Saatchi (now Cordiant) in 1993.



Grandfield managing director Charles Cook said Boakes would take over

day-to-day responsibility for the firm, leaving him to concentrate on

’key clients, new business and strategic issues’.



He added: ’He’s helped Ludgate grow seven-fold and we hope he’ll help us

do something similar.’



Recently Boakes has concentrated on developing Ludgate’s business in the

IT/multimedia sector - an area in which McCann already has a strong

presence through its hi-tech agency Weber PR.



’The events of the last few months have given me the opportunity to look

at where to take my career,’ said Boakes. ’What Charles (Cook) has at

Grandfield is something very interesting and not dissimilar to Ludgate

when we did the MBO.’



Unusually Ludgate’s directors are not tied to the company by an earn-out

agreement, although they will receive share options in McCann’s parent

company Interpublic, phased over four years.



It is understood that Boakes and the other directors also have

individual penalty clauses in the event that they leave early.



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