Sir Martin Sorrell has spoken out against Lord Bell’s moves to buy back the PR agency which still carries his name, Bell Pottinger, sating that it is a “bad deal for Chime.”
Bell, who is the chairman of Chime Communications, is heading a management buyout of his eponymous PR agency, prompting Sorrel to argue: “If it is a good deal for Tim it is a bad deal for Chime".
Sorrell himself owns 20% of Chime through his marketing services group, WPP.
Sorrell said: “I still don't understand the logic of selling off Bell Pottinger unless they are running up the white flag. This is a public relations and public affairs business, it is not a bad business and it is not in a bad industry. The point is you don't sell them unless they are dead-end businesses, which this is not."
For his part Bell argues that the buyout, which has the backing of Bell Pottinger co-founder Piers Potinger, will account for less than 10% of group profit.
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