M&C Saatchi in talks to sell stake in UK advertising agency

Marketing services company M&C Saatchi is in talks to sell a 30% stake in its UK advertising agency to five members of the subsidiary’s management team.

The group is in discussions to dispose of M&C Saatchi UK to chairman Tim Duffy, chief executive Tom Bazeley, chief creative officer Justin Tindall, chief strategy officer Gaby Bell and managing director Tom Firth.

“There is no guarantee that this transaction will occur and will be subject to certain conditions,” the group said in a statement on Thursday.

Shares in M&C Saatchi fell 2.42% to 302p at 1601 GMT on Thursday.