Carnegie Public Relations has undergone a management buyout and
been rebranded as Atlantic Public Relations.
The Edinburgh-based agency was formerly owned by Murray International
Holdings group, which is owned by Glasgow Rangers FC chairman David
The MBO, which took place last week, was entirely amicable. Murray
retains a 15 per cent share, while Atlantic’s senior management team -
Malcolm Brown, managing director and David Southern, director - own 85
per cent of equity. The price was not disclosed.
Southern put the decision to make the move down to what he described as
the huge possibilities for PR in Scotland. ’Only a few agencies are
carrying out top quality work,’ he said.
Brown said: ’We are confident that by securing this buyout we will
capitalise on the business opportunities that presently exist.’
Carnegie PR reported fees of pounds 367,022 in 1999, up 30 per cent on
the previous year’s performance. It was founded in 1991 by Brown, and
current clients include KLM UK, West Coast Harley-Davidson and St
Andrews Bay golf resort. All clients have stayed with the agency
following the MBO.