Tak­ing the Lowe road

Global ex­pan­sion for SA agency group

Finweek English Edition - - Property Compass -

FAR REACH­ING CHANGES at Lowe Bull see lo­cal founder Matthew Bull step­ping away from the day-to-day run­ning of the group to fo­cus in­stead on global busi­ness, in­clud­ing set­ting up the first of a net­work of agen­cies over­seas. The net­work will be a part­ner­ship be­tween Bull and Lowe World­wide, a top-20 world agency brand. The global ex­pan­sion plan is to es­tab­lish an agency in each of the world’s ma­jor re­gions. The first of­fice, at a still-undis­closed lo­ca­tion, will open within months. There will later be agen­cies in Europe, North Amer­ica, Asia and South Africa.

In SA, where Lowe Bull ranks ninth among di­ver­si­fied agency groups, Lowe will be di­lut­ing its eq­uity from 33% of the SA op­er­a­tion to a prob­a­ble 26%, open­ing the way to more eq­uity for lo­cal staff and black empowerment ap­pointees. But Bull and Lowe to­gether will hold a con­trol­ling in­ter­est.

“I’ll be more in­volved in the work and less in the cash flow,” says Bull. “I’ll be sell­ing some of my share­hold­ing to lo­cal man­age­ment. All eq­uity hold­ings will be in the to­tal group, not the in­di­vid­ual op­er­at­ing com­pa­nies.”

Wayne Naidoo moves up to CEO of

Matthew Bull, Marc Taback, Wayne Naidoo

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