Shandwick has picked up the financial PR account for Greycoat, the
City property company which was this week the subject of a hostile
takeover bid from rival property firm Delancey Estates.
Greycoat had retained Smithfield Financial until this week, when the
agency stood down from the account because of a potential conflict with
its sister agency, Bell Pottinger Financial. Bell Pottinger has advised
Delancey since the latter was founded more than a year ago and has a
long-standing relationship with Delancey investor British Land.
Shandwick handled Greycoat’s PR three years ago, before losing the
account to Bell Pottinger Financial. The account moved to Smithfield, a
wholly-owned subsidiary of Bell Pottinger, when the agency was set up
Shandwick will handle all financial media, analyst and investor
relations for the property company, which part-owns the former NatWest
The account will be led by Shandwick financial managing director, John
Reynolds. He will report to Greycoat chief executive Peter Thornton.
Delancey’s bid for Greycoat has forced the firm to bring forward its
previously secret plans to solicit potential buyers. Delancey has a 9.8
per cent stake in Greycoat, which it bought last year. One of Delancey’s
main investors, alongside British Land, is international financier