Mother co-founder Stef Calcraft has resigned from the agency group's boards and is selling his 25 per cent shareholding back to the company for £6 million, but remains in his role.
Calcraft’s £6 million shareholding will be payable over the next three years, with the first installment of £1.5 million payable last month.
Calcraft, one of Mother’s five founding partners, will continue in his role as director at Mother full time.
Calcraft said: "The primary concern for all of us has been to ensure Mother’s ongoing success. To do this and preserve Mother’s independence, we have funded the share buyback using our own money without debt or selling to an outside shareholder. I remain fully committed to Mother and it will remain business as usual."
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