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PAN Advertising sold to marketing services group Creston

Published on 05/12/06 at 09:44am

One of the UK's last independent healthcare advertising agencies, PAN Advertising, has been sold to marketing services group Creston.

Set up in 1992, Richmond-based PAN has been one of the leading agencies in pharmaceutical and healthcare advertising and has, until now, held out against a sale to a larger group.

A number of independent agencies  Money Syner, Junction 11 and Roundhouse are among the major independent UK advertising agencies which have been bought out in the last few years, representing a rapid shift towards globalisation in healthcare communications.

PAN's shareholders will receive just over £10.1 million initially, with a further deferred payment of up to £8.4 million, dependent on the financial performance of the company up to 31 March, 2009.

Of the current shareholders, managing director Ben Davies and director of brand planning Craig Mills will remain with the company.  Chief executive Tony Yates will leave PAN immediately in order to devote all his time to his other company, Solaris Health.

Creston claims to be the UK's fastest growing publicly quoted marketing services group, and PAN is the 10th marketing services business the company has bought since Creston was set up in 2001.

Most notable of the other companies in the group is the highly successful healthcare PR firm Red Door Communications, which was acquired by Creston in July 2005.

Creston has a number of other companies in the group providing services in consumer advertising, PR, research, direct marketing, CRM and digital marketing

Ben Davies, managing director of PAN, commented:  "Having taken PAN to its position as one of the leading healthcare agencies, I am delighted to have found a partner in Creston who will enable us to reach the next level in our strategic development.  

"Creston is a young, dynamic and innovative group of first class agencies that will undoubtedly provide access to synergistic skills and new opportunities.  Importantly, we will also be able to retain the unique style and culture that has made PAN the success it is."

Don Elgie, chief executive of Creston, said: "I am delighted that PAN is joining the Creston Group.  Healthcare is a vibrant and growing sector and PAN further strengthens our healthcare offering to clients."

Throughout the sale process, PAN was advised by Results International, the largest specialist corporate finance advisor in the marketing communications industry.

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