Delaney Fletcher Bozell chairman Greg Delaney and chief executive Mark Lund are understood to be leading a management buy-out of the UK agency, following its UK merger with Banks Hoggins O’Shea/FCB (MW September 9).
It is thought that other partners involved in the deal include joint managing directors Richard Warren and Tom Knox.
The agency’s management team are in talks with a number of backers and are discussing options for ownership of the agency. The MBO team could wholly own the new agency or, alternatively, True North could take a minority stake.
A well-placed source says: “There is a lot of interest from backers because the agency has brought in significant new business. The name of the agency will be an amalgam of the different names involved.”
It was revealed last week that Greg Delaney was thought to be unhappy about taking a European creative director post in the merged entity (MW September 16). Sources also said that he was not prepared to report to chairman John Banks, who is likely to head the merged London agency.
The new agency would be in a good position after the merger to pick up UK business clashes, including Bozell’s Harmony Haircare, Del Monte and Nortel, which clash with FCB’s Clairol, Tropicana and 3Com accounts.