MARKETING and PR agency Paver Smith has bought Manchester rival Stripe Communications, and says it plans to grow still further in 2009.
The move gives Liverpool-based Paver Smith a presence in the Manchester market, and managing director Dougal Paver says it gives the business “a platform for sustained growth”.
The agency now predicts its turnover in 2009 will reach £2.8m, which it says will make it the second biggest in the North West.
Paver Smith, based in The Plaza, in Old Hall Street, now has 36 staff, but Mr Paver expects that figure to be “closer to 50” by the end of 2009.
Paver Smith’s existing Manchester clients include legal services giant DLA Piper, accountants Grant Thornton and property developer Muse.
The acquisition boosts total agency head-count to 36, with Paver predicting “closer to 50” by the end of 2009.
Paver Smith has also secured £250,000 in loan funding from MSIF to support future investment.
Martyn Best, the Paver Smith director who led the transaction, said: “Given the current environment, it was prudent to underpin our acquisition with further investment, and I applaud the help that MSIF has given us. They have been good supporters of our business from the outset, and recognise that we’re building a strong, sustainable business.
“We’re working on a few other developments for later in 2009, but our first priority is to complete the integration of Stripe and build upon the opportunity being in Manchester and Liverpool gives us. It may be tough out there, but there’s no gloom around us.”
Stripe is led by former Harrison Cowley UK head of business development Denise Mullen. Its clients include IKEA, Manchester Greyhound Stadium Belle Vue, and neurosurgery and neuroscience hospital, the Walton Centre.
Ms Mullen, who lives in Melling, said: “This gives our clients and staff access to more resources and expertise, as well as a strong management base. It’s a good move for us all and I’m looking forward to pushing forward our Manchester operation.”
Mr Paver said the agency was now looking for new premises in or around Manchester’s Spinningfields business district.
alistairhoughton
