Marketing services group Chime Communications has acquired Gulliford Consulting for an initial sum of £2.5m, possibly rising to around £5m depending on performance.

The acquisition of Gulliford, from founder Simon Gulliford, will comprise of £1.5m in cash, with a further £500,000 in cash to be paid on 1 January 2012, and the issue of 264,830 ordinary share in Chime. £230,000 of cash will represent working capital of Gulliford, found to surplus to requirements.

A deferred total of £2.25m may also be paid depending upon the performance of the agency.

Gulliford is understood be set to remain in a management position, and will report to the board.