M&C Saatchi chairman quits after repelling takeovers

THE chairman of M&C Saatchi is to step down after the advertising company successfully fended off two hostile takeover bids.

Gareth Davis said he will not seek re-election at this year’s AGM.

M&C Saatchi said it has begun the process to find Mr Davis’s successor and he will remain in position until an appointment is made.

The departure comes after a torrid period for the advertising group, which was founded by brothers Charles and Maurice Saatchi, who are best known for their campaigns for the Conservative Party under Margaret Thatcher.

M&C was locked in a bitter dispute last year with software entrepreneur Vin Murria, the company’s largest shareholder and former deputy chairman, after she launched a hostile takeover bid. Another bidder, Next 15, tabled a rival offer, but shareholders ultimately blocked the approach.

It came as M&C said it expected record pre-tax profits of at least £31m in 2022. Revenue is forecast to rise 9pc to £271m.