5 million.
A significant element of the agreed price was through the allocation of shares in Ekay PLC – the Kent-based company is listed on the London Stock Exchange’s Alternative Investment Market – to the Wallace Barnaby shareholders, headed by Bruce Wallace who was joint founder of the business with the now-retired George Barnaby in 1984.
Since news of the takeover the value of Ekay has soared to over £2 million.
But Mr Wallace, who will remain Wallace Barnaby chief executive officer and will have a seat on the Ekay board, stressed that the deal is essentially a merger.
‘Both sides felt there was a lot to be gained from a closer relationship,’ he said.
He also confirmed that there will be no job losses in the Channel Islands and voiced his hopes that access to Ekay’s resources will double Channel Islands turnover within the next three years.
Ekay specialises in direct response television, internet marketing, and media planning and buying, while Wallace Barnaby covers the whole range of marketing and advertising functions with around 40 staff in the two islands.
Only ten of those are in Jersey but the local operation has expanded considerably.
