THE British advertising and public relations group Lopex will pay up to £250,000 over the next two years for McGovern PR & Marketing, the Irish agency that Lopex is acquiring and merging with its existing Grayling PR operation. McGovern PR principal shareholder Ms Mary McGovern is to become managing director of the enlarged operation.
Lopex is paying £50,000 to acquire the goodwill and business of McGovern PR on completion of the deal together with fixed commission payments of £75,000 payable in the three months ending May 1st. Further commission payments up to a maximum of £125,000 will be payable in May, 1997 and May, 1998, depending upon the level of gross clients derived from named clients.
According to Lopex, McGovern PR's last audited accounts for the year ending December 1994 showed a pre tax loss of £16,931 and a deficiency on net assets of £16,133.
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