Marketing agency appoints FD for AIM flotation

The Mission Marketing Group is using Financial Dynamics for its forthcoming flotation on AIM.

The regional marketing agency, chaired by Conservative Party chairman and former Incepta boss Francis Maude, hopes to raise between £15m and £20m on the exchange and then acquire regional marketing agency Bray Leino for £24.5m. Bray Leino handles healthcare marketing accounts for Bausch & Lomb, Dendron, Lilly and Sanofi Pasteur. But the firm also has a PR practice that works for BP and child-safety seat manufacturer Britax.

However, the final price paid for Bray Leino will be £32.5m if the agency meets its agreed growth targets. In the year to 31 December 2005 Bray Leino made an operating profit of £3.6m on a turnover of £42.4m.

The merger will give The Mission a combined turnover of £47.5m, with offices in Bristol, Leicester and Scotland. Combined operating profit from last year's figures is put at £4.1m.

Maude stepped down as chairman of Incepta, the firm behind Citigate Dewe Rogerson, after the firm was sold to Huntsworth last year (PRWeek, 11 March 2005).

FD London chief operating officer Tim Spratt and partner Charlie Palmer are leading the account.

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