FRP administrators discuss selling Rapier to ex-CEO
Administrators speak to ex-CEO on a possible sale to his new company
FRP ADVISORY administrators have been called to advertising business Rapier, and are currently in discussions with its former CEO on a possible sale.
Jason Baker (pictured) and Geoff Rowley, partners at FRP Advisory, were appointed joint-administrators to the London-based marketing and advertising agency Rapier.
It has been reported in the press that rival CHI & Partners would set up a new company with Rapier’s ex-CEO Jonathan Stead. However, Baker claimed no sale has yet been arranged.
“We can confirm that we are in negotiation with the former CEO Jonathan Stead and his business partners – but no sale has been finalised at this time,” he said.
However, Johnny Hornby, chief executive of CHI and Partners, was reported to have said in Campaign he is excited at gaining access to Stead’s expertise and that of the Rapier team.
Rapier has been around for 24 years and provided advertising and marketing services for clients such as Yell, Travelodge and RAC.
Campaign also reported that Rapier lost major clients such as Yell and RAC.
FRP’s Baker said: “Rapier was forced into administration as a result of account losses and reductions in spend from existing clients. However, it still retains the support of a number of important clients and will continue to trade as a going concern as we seek a buyer.”