Warren Johnson sells majority of W Communications

Warren Johnson (pictured) wouldn’t say the precise proportion of W Communications that had been sold, or comment on the price agreed, but PRWeek UK estimates the value of the whole agency to be around $52 million.

W is the latest in a string of founder-owned agencies that have converted to EOT status in recent years, including Citypress, Brands2Life and Pitch. 

Under the agreement, the shares sold by the founder are purchased by a government-approved Employee Ownership Trust created to benefit all current and future employees.

Johnson said he would continue in his role by working with W’s senior leadership team to evolve the agency, hinting at further expansion and acquisitions. As well as owning a stake in the business under an EOT, agency staff can also receive tax-free bonuses up to a value of $4650.

Johnson told PRWeek: “As one of the most sought-after independent PR agencies, I have received many offers to buy this business. I only wanted to pursue a sale if it meant enabling the agency to unlock another level of value to ensure my W colleagues benefitted in the long term. The option of an EOT was clearly the best way to benefit all parties and set the foundation for another 15 years of growth. I look forward to working with my EOT partners on this exciting new chapter of W.”

Set up in 2010, W has grown quickly and was named one of PRWeek’s Agencies of the Decade in 2019. Originally and still London-based it has opened hub offices in New York, Singapore, and Riyadh, as well as ‘bureaux’ across Europe, North America and the Middle East. 

The agency has annual revenues of more than $20.7 million with a client roster that includes Unilever, Sony, Disney, Adidas, Tinder and Nobu.

Over its history, it has also acquired a number of smaller agencies, including Lotus – the travel specialist is believed to be 40-people strong now – and more recently, Franses. The founders of those two agencies – Jules Ugo and Chloe Franses, respectively – now sit on the leadership team alongside such executives as director Nadia Hamed, global head of media David Frossman-Miller and executive creative director Scott Dimbleby.

W also operates a formal incubator, W Capital, to support various businesses within the hospitality, digital retail, and sustainability sectors.