Sorrell takes on WPP with rival firm

Sir Martin Sorrell has made a spectacular return to the London stock market only weeks after his acrimonious departure from one of the world’s biggest advertising groups.

The 73-year-old businessman has been appointed executive chairman today of a listed cash shell called Derriston Capital, with the intention of using it as a vehicle to create a new marketing services group.

Sir Martin has put £40 million of his fortune into the new venture and some of the City’s biggest and best-known institutional investors have committed about £11 million. Schroders, Toscafund, Lombard Odier, Miton and Lord Rothschild’s RIT Capital Partners are said to be among the backers, as well as Dowgate Capital

For the full story read The Times

Further reporting from The Guardian here