Charles Saatchi, one of the most famous names in British advertising, has sold his remaining 7% stake in M&C Saatchi, the agency he co-founded with brother Maurice.
Saatchi has had no day-to-day involvement with M&C since standing down as a director in 2004 and is now better known for his marriage to TV chef Nigella Lawson and his art collection. It is thought he made 4m from the sale.
The Saatchi brothers formed M&C after being ousted from Saatchi & Saatchi in 1995. They took the prestigious British Airways advertising account with them, but lost it to Bartle Bogle Hegarty last year.
Saatchi’s decision to sever his ties with advertising brings to an end one of the most famous partnerships in the industry’s history, although Lord (Maurice) Saatchi remains an M&C director.