M&B founders buy agency out of HHCL after sale to Chime

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.

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.’



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