Tue, 19th Jun 2018
Sir Martin Sorrell is to unveil plans to take over Derriston, just weeks after exiting WPP. The former chief executive is set to make a dramatic comeback to the stock market, just six weeks after departing WPP group, a departure which marked the end of his reign as the longest-serving chief executive in the FTSE 100.
Sir Martin is one of the most well-known business people in the FTSE 100, and he is set to take the helm of Derriston Capital, a cash shell, with the plans to use it to build a next-generation marketing company.
Sorrells plans are likely to be explained in detail in an announcement today, however formal confirmation may not come until later. Sources close to Sorrell say that Derriston had previously made an agreement to acquire S4 Capital, which is a new entity that was established by Sir Martin for the purposes of his return to the public market.
The new company will be called S4, a name which is thought to refer to four generations of Sorrell’s family. The news is something that will be watched by marketing agencies quite closely, as they are being forced to adapt to the rapidly changing landscape. Facebook and Google have emerged as powerful challengers in those markets, and Sir Martin is understood to be committing a significant amount of his own money to the venture, with institutional investors also contributing a portion to the company, which is already listed on the main London market.