LONDON (Brand Republic) - The Maitland Consultancy, one of the UK’s last independent financial PR agencies, has agreed to sell a minority stake to French communications giant Havas Advertising.
The deal, which strengthens Havas’ position in the UK market, will lead to Maitland expanding into Europe through a joint deal between Havas and its Euro RSCG network.
Under the agreement, Euro RSCG will take a stake of less than 40% of Maitland, which is owned by founder Angus Maitland and its 40 staff. Details of the sale have not been finalised, but it is expected Maitland will remain the main shareholder and continue to head up the company.
Last year, Maitland reported billings of over £8m and was prompted to sell off the minority stake following advice against a flotation by Merrill Lynch.
The seven-year old agency has 12 FTSE 100 clients on its books including BT, Unilever and Tesco, as well as European clients Olivetti and German telecommunications group Mannesmann.