The group raised the cash by placing 3,571,429 new ordinary shares at 140 pence per share to institutional investors.
‘The placing of these shares provides us with the financial flexibility to continue to accelerate our expansion plans,’ said group CEO Iain Ferguson. ‘Our focus on quality companies that are specialising in dynamic sectors is driving strong organic growth for us.’
On 11 September, the group bought Scottish direct and digital marketing firm Story UK.
The news comes after PRWeek reported there would be a likely increase in privately owned agencies looking to sell, following tax changes announced by the Chancellor Alistair Darling earlier this month (PRWeek, 19 October). The changes – specifically the removal of ‘taper relief’ – will mean agency shareholders could double their tax burden if they sell their firms after April.
