The deal, sealed earlier this month for a cash sum, plus a two-year earn-out, is understood to value the agency at more than £1m.
CIT partner Robert Da Costa, who becomes PR business group director, said:
‘Of the three options that would enable us to invest – borrowing from banks, venture capital or [selling to] a larger organisation – this seemed best.’
Decade-old Milton Keynes-based CIT was the fastest-growing PR agency outside London in 2001, according to PRWeek’s Top 150 (PR Week, 3 May 2002), with a fee income of £652,662.
Da Costa, who now reports to BI managing director David Tonnison, said CIT’s income for 2002 was ‘around £750,000’ although he conceded that CIT had ‘suffered like everyone else’ during the ongoing tech slump.