The Week: Advertising news - Engine closes in on US deal

The Engine Group is close to signing a deal to form a joint venture with a company in the US. If the deal goes through, it will be the first step in a plan to expand the business globally.

The news follows reports earlier in the week that the company could become listed on the stock market as part of a drive to raise £50 million to fund the expansion. The business, led by Engine's joint chief executive and chairman, Peter Scott, has appointed the investment bank Jefferies to secure funds through either a private placement of shares or a listing on the stock market. Engine employs more than 600 people across advertising, public relations and communications.