Henderson’s Chime deal

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Pelham chief executive James Henderson would only say he was "very happy" with the deal, which will see his business merge with rival Bell Pottinger's corporate and financial arm, owned by marketing giant Chime Communications.

Henderson will become managing director of the new business, which will be called Pelham Bell Pottinger and in which Chime will own a majority stake.

Henderson's entire holding in the merged group will eventually be bought by Chime — but not for at least three years.

"I am pleased with the way Pelham has grown and this is the next step for us," Henderson said. "Bell Pottinger is the number one PR group in the UK, but its financial practice is relatively small — that is the attraction for them. It is an exciting time to be lauching a new venture."

The deal is expected to be completed by the end of the year. Bell Pottinger's team of 15 will join Pelham's 35 staff in the City, before the entire group moves to Bell Pottinger's Holborn office.

Henderson founded Pelham five years ago. Its clients include handbag maker Mulberry, private equity group Texas Pacific and construction giant Balfour Beatty. Bell Pottinger's clients include cigarettes maker Imperial Tobacco and luxury goods giant Richemont.

Chime Communications shares were unchanged on 204p.