Sorrell tries to scoop up Europe’s top advert firms

BRITAIn’S biggest advertising agency is buying companies in western Europe amid fears it will lose influence after Brexit.

WPP yesterday acquired the German agency Thjnk AG, which is based in Hamburg and employs about 400 people globally. It was the latest in a series of moves over the past year by the FTSE 100 group to snap up smaller competitors on the Continent.

Since last year’s referendum, WPP has bought or acquired stakes in eight European firms, including one in Spain, two in Ireland, another two in France, one in the netherlands, one in norway and one in Belgium.

Germany, France, Italy and Spain are four of WPP’s top markets. Sir Martin Sorrell, chief executive of WPP, said the company wanted to boost its presence in those regions ahead of the UK’s exit from the European Union.

‘It is a practical response to Brexit,’ said Sorrell.

The Remain supporter has made no secret of his concerns about Brexit in the past and previously suggested there should be a second referendum once the terms of an exit deal are known.