Profile Plus bought by Freshwater UK
Edinburgh-based PR agency Profile Plus has been acquired by Freshwater UK to strengthen its operations in Scotland.
The acquisition will see the team of six at Profile Plus work alongside the established Glasgow-based office of Freshwater.
Profile Plus was founded in 1997 by managing director Robyn Glynne-Percy and has built a client base which includes Turnberry, A Luxury Collection Resort, Scotland; Sheraton Grand Hotel & Spa; Drambuie Liqueur Company; Ian Macleod Distillers; and Tourism Ireland.
Glynne-Percy explained to The Drum that she had been talking to Freshwater since last year, but that the company only confirmed its interest in an acquisition earlier this year and that the agency would retain its name and continue in its Edinburgh offices.
Last year, Profile Plus reported revenue gross profit of £320,493 and a profit ahead of tax of £74,577.
Iain Reekie, chairman of Freshwater Scotland, said: "The acquisition of Profile Plus is a positive step forward that not only strengthens our presence in the Scottish market, but also enhances our market position in the UK leisure and lifestyle sector. The addition of an Edinburgh office to the existing one in Glasgow also brings with it a very capable and experienced operator, Robyn, to our team in Scotland.”
Meanwhile, Freshwater is looking to raise £617,698 of additional equity capital through an open offer for its shares.
The funds raised by Freshwater’s offer will be used to finance the acquisition and to provide additional working capital finance for future requirements.