Sir Martin Sorrell, the former WPP boss, is set to jump back into the spotlight only more than a month following his dramatic departure from the biggest advertising agency in the world.
The high-profile businessman is set to take up the reins of a London-listed cash shell called Derriston Capital, and use the firm as a means to raise some funds to launch a new marketing group.
The specific details of the next huge move of Sorrell are set to be announced officially as soon as tomorrow.
The new venture of Sorrell comes only six weeks after he resigned from WPP amidst allegations of misconduct, which were vigorously denied by the man who is dubbed as the ‘King of Adland.’
Before his departure from the company, Sorrell had been the longest-serving CEO of the FTSE-100.
According to a report from Sky News, which first released the story on the return of Sorrell, Derriston has agreed to acquire a new venture called S4 Capital that was founded by the former WPP boss after his resignation.
A spokesperson for Sorrell, David Rigg, refused to confirm what he has dubbed as “market speculation.”
However, Rigg did say that he would not consider that the move was surprising.
Rigg stated: “I always said that Martin wouldn’t take up golf after he left.
“So I think the story, if it turns out to be true, would demonstrate that he’s back in business.”
During an event in New York that was held last month, Sorrell suggested plans for a comeback.
When asked regarding his future plans, he stated: “I am going to start again.”
He added: “I am not going into voluntary or involuntary retirement.”
It was reported by Sky News that Sorrell will be investing £40m from his own money to the new company, with some initial investors fronting £11m to become the shareholders of Derriston.
Early investors include RIT Capital Partners of Lord Rothschild, Lombard Odier, Miton, Toscafund, and Schroders.
Derriston is an FTSE-listed company. It was originally set up to acquire medical technology, however, it has since expanded its portfolio.