21st Jun 2007 09:00
WPP Group PLC21 June 2007 FOR IMMEDIATE RELEASE 21 June 2007 WPP GROUP PLC ("WPP") Y&R acquires majority stake in retail advertising agency, Y&R Hedley Byrne, in South Africa WPP announces that its wholly-owned marketing services network, Y&R, togetherwith Memeza, Y&R's South African empowerment partner, has acquired a 51% stakein Y&R Hedley Byrne (Proprietary) Limited, ("Y&R Hedley Byrne") a leading SouthAfrican advertising agency, specialising in retail advertising. Founded in 1984, Y&R Hedley Byrne is based in Sandton, and employs 121 people.Y&R Hedley Byrne's flagship client is South Africa's leading retailer Pickn'Pay. Y&R Hedley Byrne's revenues for the year ended 31 December 2006 were ZAR 69million, with gross assets of ZAR 112 million at the same date. This investment continues WPP's strategy of developing its networks in fastgrowing markets and sectors. Contact: T. +44 (0)20 7408 2204Feona McEwan, WPPwww.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WPP