The deal, which it is believed will be completed by midday today (April 1), will leave the trade body scouring London for a new home, although the Institute of Promotional Marketing – which is also housed in Margaret Street – will take over a penthouse suite once construction is complete.
If the contract is signed it will be seen as a major coup for Lloyd, who, according to sources close to the situation, is still irked by the manner of his departure from the trade body. He remains a board member of the IPM.
Having sold his sales promotion agency KLP in the early Nineties, Lloyd has invested in a number of businesses with both Clive Mishon and David Payne, building up a portfolio of investments. He was voted chairman of the DMA in the late Nineties, and became president a few years later.
The trade body moved into its Margaret Street premises a number of years ago, and bizarrely it is one of the few buildings in the street that does not have a letterbox.
An insider said: “After cashing in a few investments, Colin is now ready to move into the property market. Margaret Street is a prime location and he has already sounded out the possibility of turning it into luxury apartments. As you can imagine, the DMA board is furious.”
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