The Week: Advertising news - Ekay buys WFCA for £8.5m

The regional advertising group Ekay is to acquire the Kent-based agency WFCA for £8.5 million.

WFCA will receive £4 million in cash and £4.5 million in new Ekay shares to be issued by the company, which is listed on the Alternative Investment Market. Michael Richards, WFCA's chief executive, will become the chief executive of Ekay, and Ekay's chief executive, Eddie Powell, will move to the role of managing director.