Faulds Advertising has completed its management buyout following
several months of speculation and has announced its intention to expand
into England, already earmarking Manchester and London.
The intention signals a first for the company, which was founded in 1985
and employs 140 people at offices in Edinburgh and Glasgow. "There's a
strategic plan to go down south," said Dennis Chester, Faulds' managing
director, who led the management buyout team.
The agency's buyout was part of four management buyouts which were
concluded simultaneously. The management teams of Faulds Advertising,
Navigator Responsive Advertising, Redpath Design and The Glasgow Agency
purchased the interests of Jim Faulds, the original founder and majority
shareholder of the Faulds Group, for an undisclosed sum.
The ad agency will retain the Faulds name but its founder, Jim Faulds,
will step down. He said he is looking for fresh challenges and announced
a number of directorships in the public and private sector.
The three non-advertising companies will remain independent and be led
by their individual management teams. "Now each company has the ability
to go forward on its own," Chester said. Twelve managers joining the
four companies' boards have become shareholders as a result.
Faulds Advertising's proposed move south follows that of its main rival,
The Leith Agency, which announced it was setting up an office in London
last September.
Chester, who continues in his three-year role as the managing director
of Faulds, said: "Now we've got the resources post-deal to expand
geographically at Faulds, we're looking to expand down south - but not
necessarily just in advertising."
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