Ad Agency Holding Firm Cordiant Up for SaleCordiant Communications Group, London-based owner of ad agencies like Bates Worldwide, 141 Worldwide, Scholz & Friends and Healthworld, is entertaining offers for its sale.
The announcement, made yesterday, follows Monday's decision by liquor and beverage maker Allied Domecq to terminate its contract with Cordiant from October. That account is worth $27 million, or 3.4 percent of the British agency conglomerate's overall billings.
In a statement, Cordiant said "it has received very preliminary approaches, which may or may not lead to an offer being made for the company. This is one of a number of alternative strategic options that the board is considering."
Cordiant is in deep financial hock, working with banks, noteholders and lenders to restructure financing terms.