The move, which remains subject to approval from shareholders in the listed Argyll, is led by MD Rhodri Harries and Steph MacLeod, Argyll director, alongside Crispin Manners, CEO of Argyll from 1990 until 2007, and Rosemary Brook, executive chairman of Argyll since 2005.
On successful completion, the bid will see the business transferred to a new Ltd company that will keep the Kaizo name. The offer will be voted on at Argyll’s AGM on 27 July.
Rhodri Harries, managing director, told PRWeek: ‘It means we’ve put the company into the hands of the people actually running it. The buck now stops with us.
‘By becoming a private company wholly owned by its management we can actually give people that work for us opportunities and incentives.
‘And the four of us can now get on with what we do best – PR.’
Kaizo’s clients include Cisco, CA Technologies, Unilever, Johnson and Johnson and Serco. The company sits at 90th on the PRWeek Top 150 and 23rd in the Top 40 Tech Agencies.
Under the terms of the proposed sale the Kaizo name and all other elements of the business will remain as they currently are. The proposed MBO means Kaizo will be wholly owned by the current management team.
If approved by shareholders, the deal will result in The Argyll Consultancies plc becoming a cash shell, which, in a separate move, will then acquire Evergreen Oil Limited, a biofuel company. Evergreen shareholders will control the majority of the shares in Argyll following this.