Lamb Sells Facts International Stake to Chime

In the UK, Facts International Chairman Nick Lamb is selling his 25% stake in the business to the firm's parent company Chime Communications for £1.7m.

Facts International specialises in telephone research, but also offers a full range of other research services. In the year ended 31 December 2010, the company reported revenue of £3.4m and EBIT of £1.3m.

Lamb and Chime acquired the Kent-based firm from founder Barbara Lee in 2007, with the proviso that Chime would be able to purchase Lamb's holding at his request, at any point after February 2010.

Chime has now agreed to pay Lamb £1.7m for his share - made up of £1m in cash and 269,230 shares. There is also a potential deferred payment capped at £0.1m.

A year ago, Lamb was given the additional role of Chairman of Chime firms Opinion Leader Research, CaucusWorld and Brand Democracy, following the promotion of Crispin Beale to CEO of the group's Research & Engagement Division.

In a statement issued today, Chime said that Lamb is committed to remaining with the group, and that he has entered into 'new incentive arrangements going forward'.

Beale added: 'The Research & Engagement Division is in a strong position, and the news this morning about the sale of Nick Lamb's shares in the business is testament to this. I am delighted that Nick has agreed to stay on in the business as Research Group Chairman, and will continue to contribute his considerable commercial knowledge and vision to help nurture and grow all elements of the company.'

Web sites: www.chime.plc.uk and www.facts.uk.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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