Four advertising executives are in line for a £30m windfall after selling the agency they set up just three years ago to Lord Bell's Chime Communications.
Chime, which is run by the former PR adviser to Lady Thatcher, is paying £14.5m upfront to buy O2's advertising agency, Vallance Carruthers Coleman Priest.
But the four partners and 19 directors will net a further £15.5m if they meet profit targets.
VCCP founders Charles Vallance, Rooney Carruthers, Adrian Coleman and Ian Priest each own 20% of the agency. The remaining fifth is owned by 19 senior managers.
"We are very pleased at the successful acquisition of VCCP," said Lord Bell. "It is a fine company and will make a real difference to our marketing services division. Our prospects are considerably enhanced by this move."
Chime already owns 51% of ad agency HHCL/Red Cell, in partnership with Sir Martin Sorrell's WPP, and buying VCCP will strengthen its presence in the advertising agency market.
The advertising and PR group's fortunes improved last year when it achieved a pre-tax profit of £7m, following a loss of £11.2m in 2003. Turnover rose from £93.8m in 2003 to £95.7m.
Industry experts believe the acquisition will enable VCCP to move away from its reliance on its flagship account for mobile telephone company O2.
VCCP is selling early into its history. It was founded in 2002 and has gone on to establish a reputation for producing solid, effective advertising.
Chime said today it was looking at further growth through acquisitions and investment opportunities.
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