MBO of Financial Dynamics finally gets green light

The long-awaited Financial Dynamics MBO has finally gone through, with the City PR firm being bought for £26m.

The purchase of the Cordiant-owned agency had been held up by the financial problems at the parent company, but last week the deal agreed by agency chief executive Charles Watson earlier in the year, went through.

Around 45 per cent of the agency will now be in the hands of agency staff, with the rest held by private equity firm Advent International, which backed the deal.

Watson said the fact that around 50 of the agency’s 240-odd staff in Europe and the US now owned part of the business would improve the quality of service delivered to clients.

He added: ‘Clients like to know that teams are stable, and hate high staff turnover. We will have commitment of 100 per cent plus from people who are putting their own money into the business.’

Watson said some of the equity not taken by Advent had been kept back to pay for acquisitions, which would complete the network and provide more scale.

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