Monday 8 June 2020 9:15 pm

M&C Saatchi rebuffs board attempt by tech entrepreneur

A request to join the board of M&C Saatchi by tech entrepreneur Vin Murria was denied this week, after the businesswoman amassed a large stake in the ad agency.

Murria has built a stake of more than 13 per cent in M&C, following accounting problems at the firm which has led to an 80 per cent decline in its share price.

City sources told Sky News she had followed that purchase with a formal request for a board position as a non-executive director, but that this had been denied for “corporate governance reasons”.

The report added that it now remains unclear whether Murria will seek to increase her stake further and launch a takeover bid for the firm.

Murria is the founder of Advanced Computer Software, a tech firm which previously created technology for the NHS that was later sold to a private equity firm. She currently sits on the boards of Bunzl and Softcat.

Prior to increasing her stake last month, Murria had previously been offered a role as a non-executive director at M&C, but was said by people close to the agency to have turned it down due to other commitments.

Founded by Maurice and Charles Saatchi in 1995, the London-based ad giant remains under investigation by watchdog the Financial Conduct Authority for an £11.6m accounting scandal.

The woes led to an exodus of four directors at M&C, including Maurice Saatchi.

M&C Saatchi was contacted for comment. Murria could not be reached for comment.