IP-oh no: Firms thrive despite shunning PRs
WHEN it comes to raising millions on London’s stock market, who needs a financial public relation agency to help the cause? Most companies use one as it happens – and profitable work it is too, usually – but last year Foxtons, the ubiquitous estate agency, managed without one.
Earlier this week, Kennedy Wilson Europe, an arm of a California-based property group, followed suit as it raised £1.1bn from institutional shareholders without a flak in sight, and saw its shares rise 10 per cent on its first day of trading.
Public relations executives say such rash behaviour is all fine and dandy when things run smoothly, but that they come into their own when there’s a few hitches – and that Kennedy Wilson was decidedly low-key despite its hefty value.
That said, London’s public relations community are sure to be biting their collective nails, hoping there aren’t more companies following the Foxtons example.