NEWS6 April 2011

Facts chairman Lamb sells stake to parent company Chime


UK— Facts International chairman Nick Lamb is selling his 25% stake in the research business to majority shareholder and parent company Chime Communications for £1.7m.

Chime and Lamb bought Facts from its founder Barbara Lee in February 2007 with an agreement that Chime may buyout Lamb at his request from February 2010 onwards.

Lamb is selling his stake in the business, which is part of Chime’s Research and Engagement division, for £1m in cash and almost 270,000 shares. There’s also a deferred payment capped at £100,000.

He remains committed to the business, Chime said, and has entered into a new incentive arrangement going forward.

Facts reported revenue of £3.4m and pre-tax earnings of £1.3m in 2010. In its results announcement, Chime said the business had “performed particularly well”.

Research division CEO Crispin Beale said: “The division is in a strong position, and the news this morning about the sale of Nick Lamb’s shares in the business is testament to this. The business is performing extremely well and we benefit from a strong management team that is driving forward a number of exciting initiatives, which we are confident will lead to even greater successes.

“I am delighted that Nick has agreed to stay on in the business as research group chairman, and will continue to contribute his considerable commercial knowledge and vision to help nurture and grow all elements of the company”.

Alongside the Facts deal, Chime has also increased its shareholding in PR agency Bell Pottinger Middle East and acquired experiential sports marketing business Icon.