Four directors at Lambert Smith Hampton’s (LSH) Belfast office have completed a management buyout (MBO) of Northern Ireland’s biggest agency.
Chief executive Keith Shiells, investment director Paddy Brennan, agency director Douglas Wheeler and professional services director Paul Thornton paid an undisclosed amount for the company this week in a deal that includes all 50 staff and its clients.
The company’s new name will be BTWShiells.
LSH parent company WS Atkins has guaranteed that the LSH name will not be used in the Province for at least two years.
The MBO comes as speculation mounts that Atkins will start offloading LSH.
Last month speculation was rife about a possible MBO for LSH, led by chief executive Chris Boulton.
Trying to play down the speculation, Boulton said that the Belfast office was always a relatively independent operation of the LSH network and was not a priority for the development of the company as it focuses on core UK and international markets
He said: “The separation [with Belfast] was a natural progression.
“The parting is amicable and we will continue to work with the Belfast team on projects.
“We remain absolutely committed to the 30 offices in our network.”
Shiells said the four approached Atkins several months ago about buying the company because they felt their business was more locally driven.
“A lot of our clients are with us because of personal relationships within the company,” said Shiells.
He also added that they had a young team in Belfast and that he was anxious that the team stayed together.
Shiells said that although the new company had no formal connections with any British national agency yet, they will be open to suggestions.
Lambert Smith Hampton originally bought Milhench Crothers, Belfast, 15 years ago.
References: EGi News 03/07/03
