Sir Martin Sorrell confirms comeback with launch of new marketing business
The advertising guru will pump £40 million into the shell company Derriston.
Sir Martin Sorrell’s return to the London stock market has been confirmed, with the former WPP boss to head up a newly formed “multi-national communication services business”.
The advertising guru will pump £40 million into the shell company Derriston, which will then acquire S4 Capital, a firm established by Sir Martin and through which he will launch his comeback.
As part of the reverse takeover, Derriston will be renamed S4 Capital.
There are significant opportunities for development in technology, data and content. I look forward to making this happen Sir Martin Sorrell
Earlier this year Sir Martin exited WPP, the company he founded over 30 years ago, following allegations of personal misconduct.
S4 has raised a total of £51 million and institutional investors have signalled they are willing to provide over £150 million of further equity funding to support acquisition plans.
The group said its new corporate strategy is to “build a multi-national communication services business, initially by acquisitions”, much the same way that WPP did.
Sir Martin said: “S4 Capital is a company that aims to build a multi-national communication services business focused on growth.
“There are significant opportunities for development in technology, data and content. I look forward to making this happen.”
WPP carried out an inquiry into allegations that Sir Martin misused company funds, but the details of the investigation were never revealed.
The firm is facing the prospect of a shareholder revolt at its annual general meeting (AGM) over how it handled the departure.