The Week: City news - Georgiadis sells to M&C

Phil Georgiadis, the chairman and co-founder of Walker Media, has sold his remaining 4.75 per cent stake in the business to M&C Saatchi for £4.8 million in cash and shares.

M&C, which now owns 100 per cent of Walker, also posted pre-tax profits of £8 million for 2007, up from the previous year's £1.2 million loss. It attributed the rise to last year's acquisition of the brand consultancy business Clear Marketing and to the contribution of Walker Media. According to the group's preferred adjusted figures, headline pre-tax profits rose 53.2 per cent to £11.9 million.