The owner of a profitable media communications business says he wants to give the business away to a “new leader” in a bid to create a new kind of exit strategy.

Simon Cohen is founder of the ethically-minded Global Tolerance (GT), a London-based agency with clients said to include the Dalai Lama, Prince Charles and TED.

It is not the first time Mr Cohen has done something out of the ordinary with his business. In April 2013, he put his staff on sabbatical for a year to coincide with becoming a father.

His latest action will be called an "Open Leadership Exercise" and it is something he hopes other bosses will consider when they come to exit their business.

He will give up a 95 per cent stake in GT, £10,000 in the bank a professionally designed website all the business’ other assets, include 10 years-worth of business contacts.