Chime Communications chairman Lord Bell said: ‘We are buying the business of the company, but we are not acquiring the company. I cannot give you further details at this stage.’
It is believed that there will be minimal cash paid as part of the deal, but it may include Bell Pottinger sharing a certain percentage of future profits with Ptarmigan’s executive chairman Gordon Forbes.
Talks have been ongoing for three months and the two firms are now at the due diligence stage. It remains unclear whether Leeds-based Ptarmigan will continue to operate under its own brand.