Freight concludes its MBO from The Bridge
Glasgow based design agency Freight has completed a management buy out from the new owners of its advertising parent agency The Bridge.
The deal, thought to be in six figures, was concluded on Friday and sees co-founders Davinder Samrai and Adrian Searle take an equal shareholding in the ownership of the agency which currently employs seven members of staff and is based in the same building as The Bridge.
The ownership of the agency is thought to have transferred hands as part of the buy out of The Bridge earlier in the month, with Samrai and Searle concluding the deal with the agency’s new management board.
It has been funded by Searle and Samrai both personally and a financial package with HSBC.
Searle explained to The Drum: “It was originally intended that our deal was done before The Bridge deal but due to administrative issues it took a little longer than we expect, but we’re very grateful for their patience and fortitude in making sure that the deal went through.”
He continued: “We have no intention to change anything. We’ve spoken to our clients to let them know that a deal was in the offing and they have been very supportive and we would hope that they will see no change in the level of service and quality of creative work they receive. We hope that the deal will allow us to develop our ambitions long term.”
Searle rejoined the design agency in August 2006 after a spell away as communications director of National Theatre of Scotland.
Freight was initially launched by Samrai and Searle in 2001.