Sir Martin Sorrell criticises Lord Bell over Bell Pottinger buy out
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.