Social Chain: Steven Bartlett’s first company returns to the black
Social Chain, the media agency which was co-founded by Dragons’ Den star Steven Bartlett, has made its first profit since 2021, it has been revealed.
The business, which was also set up by Dominic McGregor, has posted a pre-tax profit of £645,667 for 2024.
New accounts filed with Companies House show that Social Chain’s return to the black has come after it reported a pre-tax loss of £764,255 in 2023.
The firm also made a pre-tax loss of £3.3m in 2022 and last made a pre-tax profit in 2021 with a total of £336,879.
The accounts also confirm that Social Chain’s turnover increased in 2024 from £6.9m to £11m.
During the year Social Chain cut its headcount from 69 to 54.
Social Chain was acquired by London-listed Brave Bison in February 2023 for an initial consideration of £7.7m.
The business was originally founded in 2014 after Steven Bartlett and Dominic McGregor dropped out of university in Manchester.
In 2019 it merged with German e-commerce firm Lumaland to form The Social Chain AG, publicly listed entity on the Xetra and Düsseldorf Stock Exchange.
Two years later Social Chain AG upgraded its listing to Frankfurt’s Prime Standard, with a valuation reaching approximately $600m.
In the aftermath of Social Chain’s acquisition by Brave Bison, Steven Bartlett responded to questions raised over the £7.7m price tag.
Steven Bartlett and Dominic McGregor no longer hold any shares in Social Chain.
Profit jump for Social Chain owner
In April, Social Chain owner Brave Bison reported a turnover of £32.8m for 2024, a fall of eight per cent.
However, its pre-tax profit jumped by 76 per cent to £2m.
At the time, chairman Oliver Green said: “2024 was another good year for Brave Bison both operationally and strategically.
“We won a roster of tier one clients across all divisions and have invested further into sport and entertainment with the acquisition of Engage.
“Progress delivered in 2024 has given us confidence as we enter 2025.
“We have now completed a further two bolt-on acquisitions this year so far, each in exciting and strategic areas, and as a result expect net revenue for FY25 to be ahead of current market expectations.”