Hasgrove sells off Interel through £8.4m management buy-out
Marketing group Hasgrove, which owns Amaze and The Chase, has sold its public affairs division Interel for £8.4m, to the agency’s management team having decided to focus on digital activity.
The management buyout sees the newly formed parent company takeover the Interel offices across Brussels, London, Berlin, Paris, Prague and Washington.
Godfrey Taylor, Hasgove chairman, commented: "This is an important transaction for the group allowing the management to focus on developing our digital businesses. We will take advantage of the exciting opportunities available in a rapidly changing marketplace."
The deal will see Hasgrove receive an initial £6.7 million in cash, while the group has also taken on £800,000 in liabilities.