Sir Martin Sorrell resurfaces following deal with shell company, Derriston Capital PLC
Sir Martin Sorrell, the former boss of the largest media and marketing group WPP, has resurfaced with plans to take the helm of a shell company specialising in medical technology, Derriston Capital PLC.
According to Sky News, Sorrell will become the executive chairman of Derriston Capital PLC with the company agreeing to acquire Sorrell’s newly established entity, S4 Capital.
Sir Martin Sorrell is yet to confirm his new plans
Under the leadership of Sorrel, Derriston Capital will become S4 as the two businesses merge to create a new operation.
Sky News is reporting that Sorrell himself will be investing £40m ($61.56) of his own money while investors will provide an addition £11m ($16.93) to become shareholders in Derriston Capital PLC.
Derriston Capital is yet to make a formal announcement to the London stock exchange.
“Derriston Capital Plc has been created to consider opportunities within the global medical technology industry. In particular, the initial focus will be to acquire one or more companies operating in the medical products and devices sector, as the directors believe that a number of dynamics have combined in the last decade or so to create significant change and opportunity within the global medical device market,” its website states.
The news of Sorrell’s new business plans, which are not dissimilar to those when he built WPP, comes just one month after Sorrell quit WPP amongst investigations into allegation of “personal misconduct”.
Earlier this month the former WPP boss signalled his intention to return to the advertising industry.
Sorrell vowed to “start again” at a conference in New York but didn’t expand on his future plans.
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start the Rocky music, he’s coming back
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Gee, the value of the poud’s dropped by the look of those figures. 😉
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Why hasn’t the industry press reported on what actually happened regarding his extraction given it doesn’t seem to be much of a secret?
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http://adage.com/article/agenc.....re/313677/
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