Citigate Smarts’ Morrice confident Media Square deal is a good move
Citigate Smarts has been sold to Media Square by its parent company Huntsworth as part of a £63m deal.
The move was announced on the back of a six-month strategic review that was undertaken following the merger of the Huntsworth Group and Incepta last March.
With the review now complete Huntsworth, which also has interests in Scotland with Trimedia and Harrison Cowley (both of which remain unaffected), has announced a number of measures set to refocus the company on its core PR activities.
Huntsworth is selling its Marketing Services & Advertising Group, a total of 16 businesses – subject to shareholder approval.
Speaking of the deal Rob Morrice said: “We feel that we were consulted properly throughout the deal by all parties involved. Media Square then made an offer that was financially acceptable to the Huntsworth Group.
“The deal is extremely good for both Huntsworth and Media Square, but we also feel that it is a good deal for Citigate Smarts too.
“While we were happy to be under the Huntsworth umbrella, the deal is good for our business.
“Media Square is keen to invest in its group, and for us, this is the way forward.
“We’re ambitious. We’re looking to expand even more. We’re looking for further investment. We are delighted about this and, in my view, it’s an exciting development.”
Along with Citigate Smarts, German-based Citigate SEA, Citigate South Africa, Incepta Online, Lloyd Northover, Redmandarin, Silver Bullet, Su Yeang and The Gate Worldwide have also be sold to Media Square.
Media Square has 680 employees with offices in Leeds, London, Manchester, Newmarket and Oxford at present.
However, Media Square’s lack of a PR focus has led to some speculation surrounding the future of Citigate Smarts’ PR division, but Morrice has quickly banished any such suggestions. He said: “Citigate Smarts’ PR division certainly has nothing to be concerned about. As a result of this move they have every reason to be positive. And they are.”