Gatcliffe, Keirl and Parker depart as Cicero is sold to Gyro International
Independent full service agency, Gyro International will today complete the acquisition of Manchester-based B2B agency, Cicero Marketing Communications.
At the time of going to press, the two firms were in the process of finalising the deal for an undisclosed sum.
It has been confirmed that Cicero’s three principle shareholders, chairman John Gatcliffe; financial director Charles Keirl and non-executive director Mike Parker, will leave the business as a result of the acquisition. However, creative director David Bailey and managing director Danny Turnbull will remain at the helm.
Gyro has grown rapidly since its inception in 1991 and now operates out of offices in London, Manchester, Geneva, San Francisco, New York, Stockholm, Amsterdam, Dublin, Hamburg and Paris.
Cicero, which employs close to 50 staff, counts the likes of DAF Trucks, BUPA, Thomson Prometric, and Tyco among its clients.
The deal will see Gyro pay 60 per cent of the consideration in cash to the three principal shareholders, while the remaining 40 per cent will be paid in Gyro equity to the other shareholders.
Gary Brine, CEO of Gyro, said: “We are thrilled that we have been able to conclude this deal with Cicero. It consolidates our position as the fastest growing and largest independent marketing agency in the UK.”
He continued: “The fact that all of the shareholding account directors will roll 100 per cent of their equity investment into Gyro shows the belief that we all share in the future of Cicero as a part of Gyro International.”
As a result of the acquisition Gyro will have over 300 staff worldwide and revenues in the region of £50 million in the coming year.
“We are currently looking at a number of other acquisition and start-up opportunities both in the UK and internationally,” Brine added.
Turnbull said: “We have a long, distinguished and successful history as an independent agency but the time is right for us to become part of a larger group. We were determined to retain the entrepreneurial ethos of the business and Gyro has offered us the best way of achieving that.”