THE company behind communications and advertising agency Story, whose clients include Highland Spring and M&S Bank, has acquired specialist digital outfit The Weather.
Mission Marketing Group, which is quoted on the Alternative Investment Market, said the deal would allow it to expand the range of services its agencies could offer. The Weather is based in Edinburgh and employs 11 staff.
In a statement to the stock exchange yesterday, Mission said The Weather had a “profitable and cash generative track record”, with the acquisition expected to make a positive contribution in the current financial year.
Sue Mullen, chief executive of Story, which is also based in the Scottish capital, said: “Story has a strong reputation for very creative, integrated work and we are excited about the opportunity to offer The Weather’s digital expertise to our clients.”
Charlie Cutler, one of the co-founders of The Weather, added: “Since we launched over five years ago, we have grown the business and its reputation in the Edinburgh market. We are now ready to accelerate our growth through being part of Story’s award-winning offering.”
As part of the acquisition, Mission will issue 210,136 new ordinary shares of 10p each. Further consideration may be payable, subject to The Weather’s future performance.
Mission comprises a network of marketing communications agencies employing some 850 people in the UK, Asia and San Francisco.
Its executive chairman, David Morgan, said: “Continuing our strategy of finding complementary businesses to extend and expand the range of services our agencies can provide, we are delighted to welcome The Weather into the Mission family.”
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