A social media agency founded by Dragons’ Den star Steven Bartlett is to be sold in a deal worth at least £7.7 million.
Social and digital media group Brave Bison announced on Friday that it had struck a deal to buy Social Chain.
Mr Bartlett, who is a Dragon on the BBC show and also helms the popular Diary Of A CEO podcast, founded the company in 2014.
Social Chain works with brands such as Amazon, TikTok, KFC and Apple Beats to create social media advertising campaigns and perform influencer marketing services.
The business has a total headcount of 122 staff, with offices in Manchester, New York and London.
Mr Bartlett stepped down as chief of Social Chain in 2020 and it is not known whether he retained a stake in the company and would therefore financially benefit from the sale.
Social Chain had been a subsidiary of listed German ecommerce operation The Social Chain AG.
The new buyer said the business will help Brave Bison increase its revenues from social media advertising seven-fold to £15 million for the year.
Brave Bison confirmed it will pay an initial consideration of £7.7 million for the business but highlighted that this could increase if Social Chain meets certain earnings targets.
Oliver Green, chairman of Brave Bison, said: “We’ve long admired Social Chain, which we believe is among the world’s best regarded social media and influencer marketing brands, and we’re excited by the highly relevant clients it brings into our business.
“Social Chain has huge potential for growth within Brave Bison, taking the momentum Pete Metcalfe and the team have built up using Steven Bartlett’s platform.
“We’re delighted to be taking this big step forward as we continue to build a media, marketing and technology company for the new era.”
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