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Creston Unlimited Marketing

Creston to be acquired by Dbay Advisors in £75.8m deal


By Stephen Lepitak, -

November 17, 2016 | 3 min read

Creston, the holding group that owns agencies such as TMW Unlimited, 18 Feet & Rising and Nelson Bostock is to be acquired by its biggest shareholder Dbay Advisors in a deal valued at £75.8m.

Creston unlimited

Creston unlimited

To facilitate the deal, Dbay, the Isle of Mam Isle of Man-based financial services authority, has created a new entity; RedWhiteBlue Digital Marketing Services with the agreed share price expected to be paid by Creston on 20 December.

Alex Paiusco, CEO of DBAY said: "We have been significant investors in Creston for over two years and are excited about this opportunity to help develop the business, alongside its management team and employees, and to fulfil its potential. The Acquisition is the culmination of our progressive interest in Creston and we are very pleased to have reached agreement with the Independent Creston Directors on an attractive cash proposal for Creston Shareholders".

Meanwhile, Nigel Lingwood, senior independent non-executive director of Creston added: "Creston has achieved steady progress in implementing its five year strategic plan and the Unlimited Group now successfully brings together a unique blend of experts from different disciplines. As the business and our clients' requirements continue to develop, and in light of uncertain market conditions, the Creston Board has given careful thought about how best it pursues this strategy to deliver value for shareholders, clients and staff. As such, the Independent Creston directors consider that recommending this cash offer will provide most shareholders with the opportunity to realise value from their investment in cash at an attractive premium. Furthermore, it offers the business, with the support of Dbay, the ability to continue to grow the Unlimited Group as a private company, which we believe is in the best interests of our clients and staff. With this background, Creston's independent directors unanimously recommend that Creston Shareholders vote in favour of the Scheme at the Court Meeting and in favour of the Resolution to be proposed at the General Meeting."

Lingwood will continue as non-executive chairman on an interim basis whilst the board finds a replacement. According to this morning's financial announcement statement, that appointment will be delayed despite an appropriate candidate for the role being identified in October.

The acquiring company has explained its intention to 'support and strengthen' the management team within Creston and that Iain Ferguson, who joined in February, is their target as non-executive chairman. This will see him review the group and its operational markets too, potentially leading to 'additional strategic opportunities' for the company.

The announcement of the deal also revealed that the acquisition was unanimously agreed by the independent directors of Creston.

Earlier this year, Creston was named alongside IPG as the RAR Agency Holding Company of the Year.

Creston Unlimited Marketing

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