The owners of an agency which offers research to clients has sold a minority share to an investor.
David and Gillian Shiel, of Newcastle engagement and insight agency Explain, sold 12.5% of the shareholding to Cottam Investments, which already holds a portfolio of property and shareholding in other North East businesses.
Explain is enjoying a fourth successive year of record growth and opened an office in Covent Garden last month to help manage growth with Southern-based clients.
It was founded in 1993 and has worked with local universities to recruit and train graduate talent in the region. One of those recruits, Kim Davis, who has been with the company since 1998, was promoted to managing director in 2012 and is now Explain’s second largest shareholder.
Alan Crook from Cottam Investments said: “When we became aware of Explain, we were immediately impressed not only by the business itself but also by the enthusiasm, dedication and ambition of the team.”
The deal was finalised by Imogen Holland of Ward Hadaway on behalf of Explain and Peter Robinson from Muckle LLP on behalf of Cottam Investments.