When this column last covered S4 Capital in 2021, its executive chairman Sir Martin Sorrell was still in the middle of his buying spree, acquiring ten businesses that year. We were cautious then about a high valuation, but otherwise the former head of WPP appeared to have built a new, digitally-focused marketing business that could well rival the industry’s old guard.
No doubt Sorrell’s reputation helped the company to attract big spenders — it counts the likes of Meta Platforms and BMW among its clients. S4 enjoyed a rush of post-pandemic spending, with its shares hitting a peak of 841p in 2021. But when the economy looks shaky and higher interest rates make spending more expensive, marketing budgets are first on the chopping block. Its
