Between the Lines: Small is beautiful for WCRS

While 2005 has been the year of the sale (Delaney Lund Knox Warren & Partners, VCCP and so on), WCRS has been focusing on extracting itself from Havas. The process was completed this week with a fresh round of financing and a new group structure under the chief executive, Stephen Woodford (page 1).

The restructure not only allows WCRS to cut its ties with its former parent but fuels the growth of the group into a more rounded mini-holding company under the new name, Engine.

But where is all this heading? Most of the managers, who are Engine's shareholders, have put their livelihoods on the line to finance this independence.

Everything suggests that the ultimate goal will be to float the Engine group. Given that small marketing-services holding companies, such as Creston, are performing so well, there is a thirst for similar models to come to market.

And with smaller, fleeter local groups holding an increasing appeal for big advertisers, WCRS is well placed to capitalise on the trend.

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