Saatchi float will fund expansion

ADVERTISING agency M&C Saatchi yesterday announced plans for a stock market flotation to fund a European expansion drive.

M&C Saatchi said it planned to list on the London Stock Exchange’s Alternative Investment Market during the middle of next month.

The agency, which has offices in 11 countries including Britain, United States, Australia, Hong Kong and Singapore, said it would use the capital raised by the listing to expand in Germany, France, Italy and Spain. The group said it was also planning to open another office in China and offices in South Korea, Indonesia, Thailand and India and to boost its presence in the US.

Chief executive David Kershaw said: “The expansion across Europe will enable us to expand our international footprint and attract more global clients.”

Maurice Saatchi, his brother Charles, Mr Kershaw, Bill Muirhead and Jeremy Sinclair set up the business in 1995 after a dispute with shareholders of Saatchi & Saatchi, the advertising firm that the two brothers and Mr Sinclair created in 1970.