Cello Group takes majority stake in Face

UK-- Cello Group has upped its stake in Face, a web 2.0 research and co-creation consultancy.

The group – which owns agencies including 2CV, Leapfrog and RS Consulting – has taken its holding in the business to 50.7%, having acquired just under a quarter of the business at the end of 2007.

Face, co-founded by Andrew Needham, Henry Yates and Job Muscroft, runs specialist online communities of young people, women and hard to reach consumers who have signed up to take part in surveys and focus groups, and to work with companies in developing products and campaigns.

Mark Scott, chief executive of Cello, said: “Taking a majority stake in Face is another important step in widening our digital capabilities. The products and services offered by Face are increasingly in demand from our growing global blue chip client base.”

Cello will issue 443,792 new ordinary shares pursuant to the purchase agreement with Face's owners. At the close of trading today, the company's stock was trading at 34.5p.

Author: Brian Tarran