Aegis buys Irish media agency in €12m deal

BRINDLEY Advertising, which holds the lucrative Government print advertising account, has been sold to a British firm in a deal worth up to €12 million.

The sale to media group Aegis will net Basil Brindley, the agency's largest shareholder, and his family an immediate cash payment of €4m and up to €8m more if the company meets "rigorous" financial targets over the next three years.

Brindley has been in business for almost 50 years and in addition to the Government's advertising account, its clients include the Combined Universities of Ireland, the Irish Aviation Authority, Tattersalls Ireland, The Financial Regulator, the Broadcasting Commission of Ireland and the Football Association of Ireland.

Aegis chief executive Robert Lerwill said in a statement yesterday: "The acquisition of Brindley Advertising will complement Aegis Media's position in the Irish market. Brindley Advertising is a highly professional agency with a well regarded management team and I welcome them as part of the Aegis family."

Brindley will become part of Aegis Media's global buying and planning division, when the takeover is completed.

No new financial details on Brindley were provided by Aegis yesterday.

The most recent accounts for Brindley, which cover the year to end December 2003, show its fortunes were declining.

Turnover in the year had fallen by nearly a quarter to just over €13m, with pre-tax profits dipping by €1.15m to €2.06m.

At the time the company blamed a cutback by the Government in recruitment in the civil service the largest source of the agency's revenue.

The directors of the company are listed as company founder Basil Brindley, Eileen Byrne, Donald Brindley, Michael McCabe, Berenice Brindley and Sarah Alken.

Aegis is one of the largest advertising groups in the world, with operations in 60 countries, and is quoted on the London stock market.