Sir Martin Sorrell is making his comeback over a month after resigning from his long-time role as the chief executive of WPP.
Sorrell will take the helm of Derriston Capital, a shell company, following the acquisition of his newly-created S4 Capital entity – which he formed with an eye on returning to the public market. S4 Capital recently completed a £51m equity fundraising, with Sorrell contributing £40m, and could gain a further £150m in equity funding from investors that have offered their non-binding support.
With the acquisition, a reverse takeover will take place with Derriston Capital becoming S4 Capital. Sky Bet chairman Paul Roy and former managing director of HSBC Investment Baking Rupert Faure Walker will be inserted as non-executive directors
“S4 Capital is a company that aims to build a multi-national communication services business focused on growth,” said Sorrell in a statement. “There are significant opportunities for development in technology, data and content. I look forward to making this happen.”
Sorrell was in charge of WPP from 1986, after making an investment in wire shipping basket company Wire & Plastic Products a year prior. However, he was to step down from his long-serving position amid an investigation into the alleged misuse of assets and improper conduct.