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Just weeks after being ousted from WPP, ad guru Sir Martin Sorrell is staging a comeback by taking charge of a shell company.
According to reports, Martin is set to be the executive chairman of Derriston, which is little more than a listed company name with cash in the bank. It has been on the London Stock Exchange since 2016.
Sorrell said he would invest £40m of his own money into Derriston Capital while institutional investors have pledged £150m to buy marketing companies.
“S4 Capital is a company that aims to build a multi-national communication services business focused on growth,” the 73-year-old said. “There are significant opportunities for development in technology, data and content. I look forward to making this happen.”
The company will be renamed S4 Capital in a reverse takeover.
Sorrell had quit WPP around six weeks ago after the board opened an investigation into an allegation of personal misconduct. Sorrell has denied any wrongdoing.