The strategic media specialist, Michaelides & Bednash, has bucked
the media sell-out trend and bought itself out from HHCL & Partners, the
creative agency that helped launch it.
When M&B launched in 1994 it was a 50/50 joint venture between HHCL and
M&B’s founders, George Michaelides and Graham Bednash. But when HHCL
sold out to Chime Communications and the WPP Group last October, the
creative agency’s stake in M&B came under the spotlight and the media
shop was given the option of taking full control.
M&B has decided to buy out HHCL’s stake and to share equity among
members of the M&B team. Bednash, a managing partner at M&B, said:
’We’ve always been in control of our destiny but now we can spread
ownership to other people in the company.’
Bednash said the deal would have little effect on the day-to-day running
of the company and did not pose any threat to business that M&B and HHCL
work on jointly. ’We have our own contracts with the clients we share
with HHCL,’ he explained.
Rupert Howell, chairman of HHCL, said: ’We understand the desire to own
a business outright, having done so ourselves, and wish them well.’