Media Square brings in 10 investors for acquisitions

New Media Age, September, 2003 by Dominic Dudley

Media Square, the AIM-listed marketing firm, has brought in 10 new institutional investors as it prepares for a period of acquisitions and growth.

The company, which develops both on and offline marketing campaigns, has raised 3m [pounds sterling] from City institutions and others. It's hoping the funds will make it more attractive to potential business partners.

"We have a lot of retail clients. Our problem is we're often the fourth or fifth supplier to them," said chairman Kevin Steeds. "We aren't the agency of record for them and we only get a small percentage of their business. We need to scale up so we can move up the food chain and attract customers."

The new investors include Gartmore, Legal & General and Artemis. Between them they bought...