EX WPP Boss, Martin Sorrell Secures £100m to Start S4 Capital
Former WPP boss Sir Martin Sorrell has raised £100 million for his new marketing services venture, S4 Capital.
The advertising mogul was rounding up City investors last week as he prepared for his dramatic stock market return. He did so amid allegations – which he denies – that he used WPP money to pay a prostitute and that he bullied staff.
Sources said Sorrell had raised £100 million from investors for S4 Capital, his new vehicle, as well as £50 million in debt funding to spend on companies ‘focused on technology, data and content’. The 73-year-old is understood to have a ‘wishlist’ of takeover targets. An announcement about the funding is expected this week.
The £100 million raised is less than the £150 million pledged in May by investors including Lord Rothschild’s Five Arrows company and Schroders. It raises questions about whether the investors were put off by the allegations, which emerged after they had committed £150 million to Sorrell’s new firm.
Sorrell has also pumped £40m of his own personal wealth into the business, leveraging a further £11m from other investors having stated categorically that he is not yet ready for retirement.