City PR man to net £35m in Tulchan sale to rival Teneo

ANDREW GRANT, the City public relations chief, is in line for a windfall of £35m following the sale of his financial communications company to its rival.

The takeover of Tulchan by Teneo values Mr Grant’s company at as much as £70m. It will be a major payday for Mr Grant, who founded London-based Tulchan in 2000 and owns around half the business.

A senior industry source described the price tag as “amazing”, adding that Mr Grant “will be delighted”.

Tulchan, which advises clients including Marks & Spencer, Unilever and Legal & General, is one of a number of key players in London’s lucrative financial communications sector.

Teneo, which describes itself as a “global CEO advisory firm”, competes with the likes of Brunswick, FTI and FGS Global. It also provides management consulting and other advisory services.

Mr Grant, 59, first began exploring a sale in spring last year, tapping advisers at Evercore Partners. He will stay on at the company following the merger.

While Tulchan has a strong presence in the UK, the tie-up will give its clients greater access to the international market. The combined group will have a workforce of 1,600 – about 700 of whom will be in the UK – and will advise around a third of the FTSE 100.

The deal is the latest example of consolidation in the sector. Finsbury, the Wpp-backed PR group, became FGS Global in 2021 following a string of international mergers, most recently with Sard Verbinnen & Co.

It also marks efforts by Teneo, which is owned by private equity firm CVC, to rehabilitate its own reputation following two high-profile scandals.

Founding partner Doug Band, a former adviser to Bill Clinton, stepped down in 2020 following an article in Vanity Fair that detailed the breakdown of his relationship with the former US president.

In June the following year, another founding partner, Declan Kelly, was forced to quit after the Financial Times reported allegations of drunken sexual harassment at a fundraising dinner.

The takeover of Tulchan marks the first major move by Paul Keary, the third co-founder who took control after Mr Kelly’s departure and has since attempted to stabilise the company.

Mr Keary, Teneo’s chief executive, said: “Andrew and the Tulchan team are deeply experienced and highly respected advisers who will help expand the breadth and depth of our M&A and C-suite advisory in London, Singapore and around the world.”