Tony Blair’s former adviser Tim Allan is set to rake in as much as £10 million after selling City PR firm Portland to US marketing giant Omnicom.
Under the deal Allan will sell a majority stake to Omnicom, valuing the business at up to £20 million.
Portland — which was founded 11 years ago and counts major blue-chips such as Coca-Cola, Apple, Tesco and Vodafone among its clients — already has an office in New York as well as its headquarters in London and an office in Nairobi.
Allan said: “In a PR market that’s been hit hard by the recession, our growth and this significant deal buck market trends.”
The Omnicom deal is subject to a three year earn-out provision which will determine the final value. Allan and the management team will continue to hold a stake in the agency.
Portland will now be working with Omnicom’s g+ europe, a political and communications firm.
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