According to Jeremy Middleton, Media Square's chief executive, Arnold has a high level of retained business and a client list including the Post Office, Samsung and Expedia. com. He said: "Arnold was very unloved within Havas. We will look to remotivate its management and let them expand the business quickly."
Media Square's bid for the marketing services business Coutts has also succeeded. It increased its shareholding to 94.9 per cent via a recommended cash offer made in September, which valued the business at approximately £21.7 million.
Coutts is primarily a point-of-sale business, an area that Media Square was attracted to because "the battle for the consumer is taking place in-store", Middleton said. The Coutts deal is Media Square's 12th acquisition in the past two years.
Media Square will now pause for about six months to assimilate the acquisitions and dispose of non-core parts of Coutts, before looking to grow again, most likely by acquiring another marketing communications company.